ISLAMABAD: The stock market rose on Tuesday as hopes of a deal to end the Middle East conflict encouraged selective buying, though participation remained thin amid persistent uncertainty. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index closed at 148,743.31 points, up 1,900.34 points, or 1.29 per cent, against the previous close of 146,842.97.
“Market has currently opened up on hopes of a deal to end the Middle East conflict, but remains directionless due to the prevalent uncertainty,” said Ahfaz Mustafa, Chief Executive Officer of Ismail Iqbal Securities.
“Volumes are also reflecting a lack of investor participation and market is moving on very thin volumes,” he added.The index traded between a high of 150,225.63, up 3,382.66 points or 2.3 per cent, and a low of 147,743.67, up 900.7 points or 0.61 per cent.
During the session, the ready market recorded a trading volume of 434.958 million shares with a traded value of Rs 22.541 billion, compared to 529.130 million shares valuing Rs 29.603 billion in the previous session.
The market capitalization increased to Rs 16.534 trillion from Rs 16.327 trillion a day earlier.Out of 479 active companies in the ready market, 281 advanced, 137 declined and 61 remained unchanged.
Oil prices pared earlier gains as equities rose after a Wall Street Journal report said US President Donald Trump has told aides he is willing to end the military campaign against Iran even if the Strait of Hormuz remains largely closed, leaving its reopening for later.
The report said the administration concluded that a mission to reopen the waterway could extend the campaign beyond Trump’s four- to six-week timeline, prompting a focus on Iran’s missiles and navy while pursuing diplomatic pressure to reopen the Strait. Trump separately warned on Monday that the US would “obliterate” Iran’s energy plants and oil wells if Tehran did not reopen the waterway.
K-Electric Limited topped the volume chart with 46.922 million shares, followed by Dost Steels Limited with 36.116 million shares and WorldCall Telecom with 27.971 million shares. The top gainers included Unilever Pakistan Foods Limited, which increased by Rs 334.50 to close at Rs 24,287.00, and Nestle Pakistan Limited, which gained Rs 179.78 to settle at Rs 7,712.40. On the losing side, Premium Textile Mills Limited declined by Rs 42.08 to close at Rs 380.18, while Shield Corporation Limited fell by Rs 28.81 to close at Rs 900.76.
In the futures market, turnover stood at 99.789 million shares with a traded value of Rs 5.277 billion, compared to 109.897 million shares worth Rs 7.123 billion in the previous session.Out of 311 futures-market companies, 260 recorded gains while 51 declined.
In Asian trade, Brent for May fell $1.22, or 1.08 per cent, to $111.56 a barrel by 0210 GMT, while the more active June contract traded at $105.76. WTI for May slipped 98 cents, or 0.95 per cent, to $101.9 after earlier hitting its highest level since March 9.A brokerage report by Optimus Capital Management warned consumer inflation could move into double digits in April on surging energy prices.
