Shares gain 332 points on expectations of circular debt resolution

Shares at the Pakistan Stock Exchange (PSX) continued their bull run on Tuesday, rising immediately after the opening bell. The benchmark KSE-100 index gained 331.99 points, or 0.81 per cent, to close at 41,522.76 points. It reached an intraday high of 573.18 points, or 1.39pc, around 10:37am. Dalal Securities CEO Siddique Dalal said the index rose on expectations that the gas sector’s circular debt would be resolved which would result in gas companies paying better dividends. State-owned companies — Pakistan Petroleum Ltd (PPL), Sui Southern Gas Company Ltd (SSGC), Sui Northern Gas Pipelines Ltd (SNGPL) and Oil and Gas Development Corporation Ltd (OGDC) — performed well and pushed the KSE-100 index higher, he added. The cement sector also performed better, Dalal said. Besides this, several companies were buying back shares which was also a positive for the market. Dalal said investor confidence would be strengthened if the government fulfilled its commitment to resolve the circular debt issue and the agreement with the International Monetary Fund (IMF) was done.