KARACHI: Stocks continued to climb on Tuesday with the KSE-100 index adding another 110.17 points or 0.37 per cent to close at 30,180.30.

Although it was a volatile session, the tone was bullish as index intra-day went up as high as 206 points against the maximum day’s decline of 83 points.

Mutual Funds changed much of cash for shares investing yet another $3.06 million on Tuesday. Foreign investors also continued to buy stocks at dips in the net sum of $1.78m.

Know more: Stocks settle above 30,000-level

Analysts at brokerage Fou­­ndation Securities obser­ved that in the two months of the current financial year (July-August) a complementary data from NCCPL re­­veals healthy portfolio in­­ve­s­t­­ment was directed towards Oil and Gas and banking sectors.

“We believe positive impact of increased weightage of Pakistan in the MSCI frontier market is also helping inflows and resolution of current political impasse and fate of Pakistan’s IMF programme will be key swing factors in determining the future direction of foreign investment,” Founda­tion stated.

Market participants poin­ted out that the news of increase in local cement prices, coupled with DGKC’s better than expected June results, brought cement stocks in the limelight.

Mohammed Mobeen, analyst at JS Global, observed that DGKC gained momentum following a consensus beating results and payout.

Lucky Cement witnessed euphoric buying with stock closing up by 3.7pc.

In the Oil & Gas sector, PPL attracted investor interest after its second discovery in Sindh of 18.6mmcfd gas and 31bpd condensate which would have a recurring earning per share impact of Rs0.65.

Going forward, the market was thought to remain volatile due to the ongoing political turmoil which warranted investors to stick to fundamentally strong stocks.

Published in Dawn, September 17th, 2014

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Defining extremism
Updated 18 Mar, 2024

Defining extremism

Redefining extremism may well be the first step to clamping down on advocacy for Palestine.
Climate in focus
18 Mar, 2024

Climate in focus

IN a welcome order by the Supreme Court, the new government has been tasked with providing a report on actions taken...
Growing rabies concern
18 Mar, 2024

Growing rabies concern

DOG-BITE is an old problem in Pakistan. Amid a surfeit of public health challenges, rabies now seems poised to ...
Provincial share
Updated 17 Mar, 2024

Provincial share

PPP has aptly advised Centre to worry about improving its tax collection rather than eying provinces’ share of tax revenues.
X-communication
17 Mar, 2024

X-communication

IT has now been a month since Pakistani authorities decided that the country must be cut off from one of the...
Stateless humanity
17 Mar, 2024

Stateless humanity

THE endless hostility between India and Pakistan has reduced prisoners to mere statistics. Although the two ...