The bulls dominated at the Pakistan Stock Exchange (PSX) for the fifth consecutive session on Tuesday, pulling the benchmark KSE-100 index above the 47,000-point barrier.

Market opened on a positive note and hit an intra-day high of 47,315 level with the cement sector leading the charge after substantial reduction in global coal prices.

At close, the KSE-100 Index settled higher by 138.14 points or 0.29% to finish at 47,112.92, after profit-taking was witnessed in the latter half of the day.

“Bullish momentum continued at PSX in the backdrop of improved trade deficit number on a monthly basis, a significant decline in international coal prices and anticipation of agreement between IMF and government of Pakistan in the prevailing week announced by finance advisor,” said Topline Securities in its post-market comment.

On the economic front, Pakistan’s trade deficit increased 104% to $15.525 billion during the first four months (July-October) of 2021-22 from $7.617 billion in the corresponding period of the previous year.

In corporate news, the MCB board of directors approved accorded approval to conduct a due diligence for a potential transaction for the purchase of 55% shares of Telenor Microfinance Bank Limited held by Telenor Pakistan BV.

Volume on the all-share index decreased from 430.1 million on Monday to 306.2 million on Tuesday. The value of the shares trade also declined, amounting to Rs13.78 billion from Rs14.78 billion on Monday.

Byco Petroleum was the volume leader with 19.27 million shares, followed by Telecard LimitedXB with 14.41 million shares, and F.Nat.Equities with 10.80 million shares.

Shares of 361 companies were traded on Tuesday, of which 174 registered an increase, 171 recorded a fall, while 16 remained unchanged.

This article first appeared in Business Recorder on 2 Nov 2021.