KARACHI: The Pakistan Stock Exchange (PSX) witnessed a bloodbath on Tuesday in the first half, but eventually the benchmark KSE 100 index managed to close in green with a gain of 53.73 points or 0.12 per cent at 43,883.08 points.

The benchmark index largely recovered its losses by the end of the day mainly because of broad-based value-buying. Investors scooped up shares that were trading at deep discounts, according to JS Global.

The unusual volatility resulted in an intraday low of 43,149 points (down 1.55pc) and an intraday high of 44,051 (up 0.51pc).

“Sentiments remained choppy as the delay in the ISI chief notification kept the investors cautious. Moreover, higher international oil prices kept concerns alive over inflationary pressures and further monetary tightening by the SBP (State Bank of Pakistan),” said a note by Topline Securities.

Market participation increased 79pc to 404 million shares on a day-on-day basis.

Sectors contributing to the PSX’s performance included banking (2.2pc), cement (0.8pc), engineering (0.7pc), exploration and production (0.3pc), oil marketing companies (0.3pc), auto (0.2pc) and fertiliser (-0.2pc).

Stocks that contributed significantly to the traded volume included WorldCall Telecom, TeleCard Ltd, Treet Corporation, Unity Foods and Bank of Punjab.

Shares that contributed positively to the index included Habib Bank Ltd (77.4 points), United Bank Ltd (31.3 points), Allied Bank Ltd (21.9 points), Bank Al Habib Ltd (18.5 points) and Bank of Punjab (15.1 points).

Stocks that contributed negatively included TRG Pakistan (91.2 points), Fauji Fertiliser Company (20.1 points), Systems Ltd (19.8 points), The Searle Company (16 points) and Hub Power Company (15.7 points).

“Moving forward, we recommend investors to adopt a buy-on-dip strategy in the blue-chip stocks,” said a research note by JS Global.

Published in Dawn, October 13th, 2021

Opinion

Avoid Modi’s nationalist turf
Updated 19 Oct 2021

Avoid Modi’s nationalist turf

It remains the only party with a presence in every Indian state and makes it best equipped to effect the required radical change.
The lamp of guidance
Updated 19 Oct 2021

The lamp of guidance

Those seeking to learn from his example must follow the moral precepts he gave otherwise it is half-hearted devotion at most.

Editorial

Opposition’s chance?
Updated 19 Oct 2021

Opposition’s chance?

What the opposition can do is take advantage of the cleavage between PTI and the establishment, perhaps widen it and leverage it.
19 Oct 2021

Evading tax laws

MERELY 2.5m or 35pc of the 7.2m total registered taxpayers or NTN holders have filed their returns for tax year ...
19 Oct 2021

KCR delays

AS political and bureaucratic stakeholders drag their feet over reviving the Karachi Circular Railway, residents of...
Financial troubles
Updated 18 Oct 2021

Financial troubles

Growing trade gap is fuelling the current account deficit and bringing the already meagre foreign exchange reserves under stress.
18 Oct 2021

Complaint portal

IN a ruling on Thursday, the Mingora bench of the Peshawar High Court held that the Prime Minister’s Performance...
18 Oct 2021

Capital’s master plan

IT is encouraging that on Thursday, the restructured commission formed by the federal cabinet to revise ...