The Pakistan Stock Exchange (PSX) closed marginally higher on Tuesday, since it entered a consolidation phase, with the KSE-100 reference index winning 75.48 points, or 0.05%, to establish itself at 147,005.32.
The analysts pointed out that investors adopted a cautious posture in the midst of mixed feeling, selective purchase and profits. Commercial volumes recorded an increase, backed by profits in bank stocks, while the weakness in fertilizer and energy sectors limited general profits.
Arifib Limited’s deputy boss of trade (AHL), Ali Najib, said the KSE-100 index floated in both directions during the session before closing slightly positive, maintaining the key level of 147,000.
“A mixed feeling was observed during negotiation hours, with investors, opting for some change and profits,” he said.
In the front of the news, Pakistan officials and the United States were terminating the details of a commercial agreement, while the Minister of Finance, Muhammad Aurengzeb, hinted at the main US investments in several sectors. Meanwhile, Barrick Mining sought $ 3.5 billion of global lenders, including institutions backed by the United States, for the development of the Reko Diq Copper and Gold project.
Among the individual engines, Bank Alfalah, HBL, Systems Limited, Meezan Bank and National Foods added 417 points to the purchase interest index. On the contrary, Fauji Fertilizer Company, Mari Petroleum, Oil and Gas Development Company, Pakistan State Oil and Bank al Habib collectively lost 527 points.
“In the future, the progress in the resolution of the circular debt could further feed the impulse upwards. That said, a certain consolidation or a mild correction remains possible. In the case of a setback, 145,000 is expected to serve as the first support, followed by 143,000, while 150,000 stand out as the next key resistance,” Najib added.
In general, negotiation volumes increased to 691.7 million shares of the 611.2 million on Monday, while the negotiated value increased to RS44.6 billion RS44 billion in the previous session.
Actions of 482 companies were negotiated. Of these, 208 closed higher, 242 decreased and 32 remained unchanged. Yousuf Weving Mills was the volume leader with 46.3 million shares, increasing by RS1 to close at RS6.09.
