Pakistan Stock Exchange (PSX) closed marginally higher on Tuesday as it entered a consolidation phase where the benchmark KSE-100 index got 75.48 points, or 0.05%, to settle down at 147,005.32.
Analysts noted that investors adopted a cautious attitude in the midst of mixed mood, selective purchase and profit. Trading quantities recorded an uptick, supported by gains in banking, while weakness in fertilizers and energy sectors limited the overall gains.
ARIF HABIB LIMITED (AHL) Deputy for Trade Ali Najib said the KSE-100 index flowed in both directions during the session before closing a little positively and maintaining the key at 147,000 level.
“Mixed atmosphere was observed in trade times when investors chose some shifts and profits,” he said.
On the news front, Pakistan and US officials ended details of a trade agreement, while Finance Minister Muhammad Aurangzeb hinted at major US investments across different sectors. Meanwhile, Barrick Mining sought $ 3.5 billion from global lenders, including US institutions, to develop Reko Diq Copper and Gold Project.
Among individual movements, Bank added Alfalah, HBL, Systems Limited, Meezan Bank and National Foods 417 points to the index of buying interest. Conversely, the Fauji fertilizer company, Mari Petroleum, Oil and Gas Development Company, Pakistan State Oil and Bank Al Habib collective 527 points.
“In the future, progress with circular debt resolution may further fill upward speed. Having said, some consolidation or mild correction is still possible. In the event of withdrawal, 145,000 are expected to act as the first support, followed by 143,000, while 150,000 stands as the next key resistance,” Najib added.
Generally, trading volumes rose to 691.7 million shares from Monday’s 611.2 million, while the traded value rose to RS44.6 billion from RS44 billion in the previous session.
Shares of 482 companies were traded. Of these, 208 closed higher, 242 fell and 32 remained unchanged. Yousuf Weaving Mills was the volume leader with 46.3 million shares that increased with RS1 to close on RS6.09.
