Buying at dips helps index close in green
The trading session at the Pakistan Stock Exchange on Tuesday kicked off on a positive note owing to an all-time-high close a day ago. Topline Securities Ltd said the momentum lost steam as sellers entered the market, leading the KSE-100 index to a rapid 755-point decline. Subsequently, bulls regained control of the trading floor and took advantage of the downswing in share prices. Power, information technology, food and personal care products, and auto sectors contributed positively to the index’s close on the higher side. Arif Habib Ltd noted the session saw 47 advancers and 45 decliners following a heavy skew towards advancers within the KSE-100 index. The breakdown of advancers and decliners should be monitored closely for the remainder of the week, said the brokerage, adding that cement and steel names should remain on the “accumulate list” during corrections. As a result, the KSE-100 index closed at 56,665.93 points after gaining 142.35 points or 0.25 per cent from the preceding session. The overall trading volume decreased 20.3pc to 526.3 million shares. The traded value decreased 12.8pc to Rs22.4 billion on a day-on-day basis.