KARACHI: The Pakistan Stock Exchange’s (PSX) benchmark 100-share index rose by 329.78 points (0.95pc) on Tuesday, led by large-cap shares.

The index, which opened in the negative to a record intra-day low by 93 points, soon recovered and began the steep climb to the north and settled at 34,897.30.

Market participants noted that the biggest support towards the day’s rally came from OGDC (4.51pc), MCB (+2.47pc), HBL (1.57pc) and UBL (2.41) as they grabbed investors’ attention over possible inclusion in MSCI Emerging Market index.

Volume increased by 6.4pc to 198 million shares and trading value by 31pc at Rs9.2bn. Foreign investors stood out once again as net buyers of equity worth $0.70m on Tuesday.

Analysts at Topline Securities said: “OGDC was in the limelight today as rumours regarding its possible inclusion in the list of Shariah-compliant stocks were circulating in the market. A record six-year-high volume was seen in the scrip as 11.4m shares were traded with a total value of $14.7m.”

Select stocks in the banking sector attracted investors’ interest and renewed interest was seen in the cement sector stocks as D.G. Khan Cement (DGKC) and Fauji Cement Company (FCCL) increased 1.7pc each while Maple Leaf Cement (MLCF) was up 1.1pc.

Analyst Arhum Ghous at JS stated that investors’ interest was buoyed on the back of rise in annual inflation 17pc (higher than expected). HBL (1.57pc), UBL (2.41pc) and MCB (2.47pc) all gained to close in the green zone.

Mughal Steel (1.07pc) gained on the back of the news that it was all set to launch an earthquake-resistant steel product by the second week of May.

Dealers at Global Sec­uri­ties pointed out that HU­BC (-0.27pc) remained the major laggard towards index as investors booked profits.

Published in Dawn, May 4th, 2016