KARACHI: Stocks continued to climb on Tuesday with the KSE-100 index adding another 110.17 points or 0.37 per cent to close at 30,180.30.
Although it was a volatile session, the tone was bullish as index intra-day went up as high as 206 points against the maximum day’s decline of 83 points.
Mutual Funds changed much of cash for shares investing yet another $3.06 million on Tuesday. Foreign investors also continued to buy stocks at dips in the net sum of $1.78m.
Analysts at brokerage Foundation Securities observed that in the two months of the current financial year (July-August) a complementary data from NCCPL reveals healthy portfolio investment was directed towards Oil and Gas and banking sectors.
“We believe positive impact of increased weightage of Pakistan in the MSCI frontier market is also helping inflows and resolution of current political impasse and fate of Pakistan’s IMF programme will be key swing factors in determining the future direction of foreign investment,” Foundation stated.
Market participants pointed out that the news of increase in local cement prices, coupled with DGKC’s better than expected June results, brought cement stocks in the limelight.
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Mohammed Mobeen, analyst at JS Global, observed that DGKC gained momentum following a consensus beating results and payout.
Lucky Cement witnessed euphoric buying with stock closing up by 3.7pc.
In the Oil & Gas sector, PPL attracted investor interest after its second discovery in Sindh of 18.6mmcfd gas and 31bpd condensate which would have a recurring earning per share impact of Rs0.65.
Going forward, the market was thought to remain volatile due to the ongoing political turmoil which warranted investors to stick to fundamentally strong stocks.
