PSX surges KSE-100 up 1422 points

Karachi: The Pakistan Stock Exchange suddenly turned positive on Tuesday. Investors increased their buying in large and important stocks, leading the benchmark KSE-100 Index to close at 169,392.32 points, up 1,421.67 points.

The market did not show much of a clear direction in the opening session. However, buying picked up later, and the index touched 169,988.11 points during the day. It had touched its lowest level during the session at 169,189.29 points.

The overall market sentiment also remained positive. According to data, a total of 140.87 million shares were traded in KSE-100 shares. The performance of major companies included in the index played a major role in driving the overall bullish momentum.

United Bank Limited was a prominent positive share in the market. It added 151.99 points to the KSE-100. Fauji Fertiliser Company added 148.75 points, while Lucky Cement contributed 119.85 points.

Bank Alfalah and Pakistan Services were also among the companies that helped push the index higher.

However, the market was not bullish everywhere. Meezan Bank was the most significant negative contributor and its performance detracted 147.65 points from the index. JVDC, Caesar Engineering, Bank of Punjab and High Noon Laboratories were also under pressure.

On the other hand, the KMI-30 Index was also in the positive zone. This index increased 1,151.64 points to close at 241,108.74 points. It recorded a 0.48 percent increase.

Lucky Cement, Fauji Fertiliser, Engro Holdings, Systems Limited and Engro Fertilizers were among the prominent positive stocks in KMI-30.

Although the one-day recovery of the market is significant, it is still premature to call it the beginning of a permanent bullish trend. The KSE-100 is still in the negative zone in the overall performance of the current year. Therefore, trading volume and continued buying in large shares in the coming sessions will be more important for the direction of the market.

Tuesday’s rally certainly showed that investors have shown renewed interest in selected stocks after the recent pressure. If this trend continues, the market may move towards further improvement.