Consolidation witnessed at the Pakistan Stock Exchange on Tuesday. The KSE100 index gained 135 points to reach 47,138.

The market opened in the positive with the high of the day recorded during midday. Selling pressure was witnessed at those levels which caused the index to recede before closing. Volumes continue to remain on the lower side in the absence of triggers.

Pakistan successfully concluded a deal with the Islamic Trade Finance Corporation (ITFC) to the tune of $4.5b. The funds are to be allocated for the import of essential commodities such as crude oil and fertilizers. Profit repatriation on foreign investments jumped by 23% in the first 11 months of 2021-2022 according to data released by the SBP.

Broader regional markets traded in caution due to immergence of the Delta virus variant in several Asian countries. Oil demand also took a hit in view of impending lockdowns due to the new wave of virus cases. Investors now have eyes on the OPEC+ meeting scheduled to be held later this week.

At the closing bell 223 companies had advanced with 125 closing in the red. 30 scrips remained unchanged.

Market participation for the KSE100 Index decreased to 205m from 223m (-8% on d/d basis). Major contribution to total market volume came from SILK, HASCOL and WTL combined for 191m shares out of the total market volume of 581m shares.