Equities regain 161 points in volatile trading

The Pakistan Stock Exchange (PSX) on Tuesday snapped the post-election losing streak in a volatile session a result the benchmark KSE 100-share index managed to close in the green. Topline Securities Ltd said the benchmark KSE-100 index swung in both directions as investors were still not clear who would form a new government as a result the the index plunged by 1,452.14 points to 59,613.18 in initial trading. However, the news of some progress on the formation of a PDM-style government boosted market sentiments and helped the index to recover the lost ground gaining 589.34 points to 61,654.65 intraday. The market opened on a negative trend where mainly Oil and Gas Development Company and Pakistan Petroleum opened at the lower lock on the back of the news that IMF is not on board with the energy ministry’s tariff rationalisation and circular debt management plan. Similarly, the cement sector witnessed a resurgence, with Pioneer Cement Ltd, Maple Leaf Cement and Fauji Cement Company registering gains of 3.19pc, 3.09pc, and 2.98pc, respectively, culminating in a positive close.