KARACHI: Stocks were back on the track, restarting their northward journey on Tuesday.

The KSE-100 index gained 592.19 points (1.40 per cent) and closed at 42,939.68 helping it recover almost all of the losses of the previous day.

While political uncertainty still lingers on, the investors were comforted following the announcement of a one-day protest by Tahirul Qadri, against the market expectation of a long sit-in.

Some strategists believed that the investors seemed to have shaken off the fear of political disturbances over the ‘fear of missing out’.

After their lackluster participation last year, foreign investors have stepped in far too quickly in 2018, purchasing stocks worth $64 million to date, whereas mutual funds have bought stocks of $1.15m only while banks have sold-off equities worth $21m.

Still holding on to Pakistani stocks worth $7bn, foreign investors could raise valuation by heavy purchases, leaving the locals in the lurch.

Volume increased 23pc over the previous session to 161m shares on Tuesday while the trading value jumped 24pc to Rs7.2 billion due to brisk business in blue chips on the banking, cement and steel sectors. Share in Pakistan International Airlines churned out the highest volume of 16m shares on investors’ interest following Privatization Minister’s pledge to divest the airline by June.

Principal gainers included Habib Bank, up 3.90pc, Lucky Cement 3.42pc, Oil and Gas Development Company 2.22pc, Hub Power 3.08pc and MCB Bank 1.99pc cumulatively adding 292 points. On the flip side, Nestle Pakistan, down 3.67pc and Sui Northern Gas 0.91pc took away 25 points. Sector wise, index heavy Banks added 180 points, followed by exploration and production at contributing points, Cement increased by 86 points, power 46 and fertilizer 34.

Published in Dawn, January 17th, 2018