KARACHI: After taking a breather a day earlier, bulls continued the assault at the local bourse on Tuesday tossing the KSE-100 index up by 175.47 points (0.55 per cent) and close at 32,254.32.

On the political front, investors were still celebrating the Prime Minister’s speech in the United Nations General Assembly, as it was believed to have conveyed strong message of brutalities in Kashmir.

On the economic side, the affirmation by the Federal Board of Revenue chairman of record tax collection improved sentiments. Further optimism was derived from the State Bank governor who thought the current IMF programme could be country’s last if there was improvement in savings and investments

The index hit intra-day high by 212 points, which saw the market most of the time in the green zone. At mid-day, there was profit taking from weak holders, which pulled the index to intra-day low by 77 points.

However, the index managed to retrieve losses, led by the cement sector where the word went around of increase in prices in the northern region. It triggered massive buying in the otherwise beleaguered cyclical sector.

The news of price increase was supplemented by relaxations for construction sector, which helped investors to put their money on the cement sector. The sector led the volumes table contributed mainly by Maple Leaf Cement (MLCF) and Fauji Cement Company (FCCL).

Exploration and production shares remained out of favour as the international crude prices went down overnight. Pakistan Petro­leum, Pakistan Oil Fields and the Oil and Gas Development Company the three major scrips on the sector were down. Fertilisers also came under the hammer.

Foreign investors bought shares worth $0.48 million while other local institutional participants were also positively inclined except for bank and insurance companies which together sold shares of $3.30m.

Volumes increased from 166m shares to 180.5m shares (up 9pc day-on-day). Second and third-tier scrips were the volume leaders including K-Electric, Unity Foods, FCCL, MLCF and Bank of Punjab, which contributed 43pc to the aggregate turnover.

Published in Dawn, October 2nd , 2019