The KSE-100 movements Tuesday were reminiscent of a seesaw, where the local bourse juggled between green and red, making an intraday low of -335 points, followed by an intraday high of +347 points to close at 39,933 levels (up 267 points). Buying was witnessed in the eleventh hour as investors took the opportunity to accumulate stocks on attractive valuations.
Volumes remained subdued as 142mn shares changed hands during the day. FCCL (+4.16percent) from Cements led volumes with more than 17mn shares. Cement sector led optimism in the market on the back of news that there has been an increase of Rs10-15 per bag in the North region. DGKC (+4.90percent), MLCF (+4.96percent), PIOC (+4.57percent), KOHC (+3.62percent), LUCK (+3.19percent) and FCCL (+4.16percent) closed well in the green zone. Banking space blew hot and cold in today’s trading session where MCB (+1.17percent), UBL (+0.16percent) and FABL (+2.66percent) closed in positive territory, whereas BAFL (-0.02percent), HBL (-0.27percent) and NBP (-0.30percent) closed lower than in the previous trading session.
E&P sector closed lower than its previous day as crude oil prices edged lower in international market, hitting a three-month low, where POL (-1.23percent), OGDC (-0.01percent) and PPL (-1.44percent) were major losers. Moving forward, we except the market to witness similar trend of volatility in coming sessions due to overall ambiguities in the political environment.