KARACHI - Pakistan Stock Exchange witnessed a range-bound session on Tuesday with decline in volumes as investors remained on the sidelines. Benchmark 100-share index gained 50.68 points (0.15%) to close at the level of 33616.90 points.

The market saw a limited bounce back yesterday after Monday's selling spree by local institutions with oil explorers OGDC and POL gaining .071% and 1.79% respectively as global oil prices increased, dealers said. The Economic Coordination Committee's decision to issue sovereign guarantee for syndicated TFCs to the power sector worth Rs25b and approval of non-cash settlement of Rs70.167b power sector receivables/payables inspired bullish sentiment in Pakistan State Oil that went higher by 1.35%, observed analyst Arhum Ghous. The textile sector also gained, KTML went up 2.76% and NML increased 0.85%, as the export oriented sector is set to gain from any potential weakness of the PKR versus the USD.

Volume decreased by 30% to 156m shares while value decreased by 33% to Rs 6.8b/$65m. Some recovery was seen in banks and cements, while textiles such as KTML and NML also performed better. Pre-result interest was seen in Attock Group of Companies like POL, NRL, APL, ACPL, brokers said. Healthy auto sales numbers led the local auto assemblers to gain. PSMC, HCAR and INDU gained by 0.3%, 2.3% and 0.6% respectively.

Rising cement dispatches, oil and auto sales led institutional interest in the quarter end earning announcements session, stated analyst Ahsan Mehanti. Rising global crude prices near to $42/barrel and likely consensus on $46bn CPEC projects played a catalyst role in bullish close at PSX, market watchers added.