Foreign buying propels KSE-100 forward

Amanullah Khan

Karachi

The stock market maintained its positive momentum on Tuesday, gaining a total of over 1,500 points in the past one week.
Increased activity, stimulated by growing foreign investor interest, and favourable comments about trade concessions for Pakistani textiles by the British government played a key part in helping the benchmark index close in the green zone.
The market opened on a positive note and went up as high as 43297 points yet the upward momentum could not be sustained however the index closed in green with a gain of 411 points at 43253 point levels here on Tuesday.
According to market analysts, the current formation on daily chart indicates that the index could continue its upward momentum. However, the upward drive is likely to be resisted with a horizontal resistance which was plotted at 43,100 as a break of resistance zone would turn the outlook to bullish and call for further upside towards 43,700.
Meanwhile, the steel sector was in the limelight for the last couple of sessions as Dost Steel which was sitting idle on the last benches for quite somestimes was the volume leader for the second consecutive day today with a trade of 27 million shares to its credit while the overall markt volume of 218 million all shares however showed a sign of improvement with the participation of the potential investors.
The other two volume leaders were including WorldCall and TRG with trade volumes of 16 million shares and 15 million shares to their credit respectively. The majority of stocks of 236 companies were the gainers in today\s session while stocks of 112 companies were the losers.

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