Stocks showed recovery on Tuesday on Pakistan Stock Exchange as investors weighed upbeat data on auto sales, exports and remittances.
The market managed to close 55.95 points higher to settle at 41153 points level.
On Tuesday, the market opened flat. However, it ventured into the green for a while before plunging into the red.
The market hit the day lowest level at 40767 points as the index shed over 300 points. However, the market staged a recovery in the second session. The index gained over 100 points in that session however it closed 55 points higher.
Some 91,309,000 shares changed hands in the market. Trading held in the shares of 362 companies out of which share prices of 159 companies increased while the share prices of 179 companies decreased. The share prices of 24 companies remained unchanged.
Island Textile was the market leader in term of per share gains followed by Pak Tobacco. The share price of Island Textile surged by Rs 56.00 to close at Rs1771.
Jubile Life Insurance was the biggest loser in term of per share loss followed by Khyber Tobacco. The share prices of Jubile Life fell by Rs 30.90 per share to close at Rs588.10 while the share price of Khyber Tobacco decreased Rs23.06 to close at Rs465.65.
Commenting on the Tuesday’s trade on the market, senior analyst and chief executive officer of Arif Habib Corp Ahsan Mehnati said stocks showed recovery as investors weigh upbeat data on auto sales, exports and home remittance in Oct’18.
He added major fall in US equities and global crude prices invited mid-session pressure. Investor speculations ahead of announcements on terms of IMF bailout package and schedule of financial assistance from China, UAE to ease external account crises played a catalyst role in bullish close at PSX.