Pakistan stock remains bullish
The benchmark KSE-100 index gained 82 points to reach 31,361 points in eight straight positive session on Tuesday with financial sector mainly banks led market's trading.
The market trading up by $70 million with trading volume recorded 107 million. Habib Bank HBL PA +2.31% and United Bank UBL PA +1.41% attracted fresh flows while National Bank NBP PA +2.95% hit second consecutive upper price limit intraday.
Stocks opened positive and traded higher on institutional and retail buying however most names witnessed profit taking during second half to end the day with trimmed gains. Oils were volatile as they tracked correction in global crude while reports of foreign selling in Oil & Gas did rounds with stock trading highest volumes in last thirteen sessions. Fertilizers also tested nerves as reports of reduction in Urea prices dragged stocks to close lower, while cements inched up on excitement over earnings and on recent sales data suggesting promising local demand. We see volatile market trading in a narrow range while earnings announcements and flows will set the tone in absence of any major trigger during this short work week.
Earlier on Monday stocks staged grand rally on as the KSE-100 index jumped 579.55 points to close at 31,878.15. The investors' sentiments were fuelled by the positivity creeping into the banking and oil sectors. The gains on Monday marked the seventh straight day of positive close.