KARACHI

Bullish sentiments dominated Karachi shares market on Tuesday and the KSE 100-index closed at 32,882 points, up by 55.78 points.

The bulls got some respite as market rumors of investigations and inquiries subsided and investors got back into action to take advantage of an oversold market offering attractive valuations at discounted prices. The market closed in the green on the back of activity in the cement sector led by Lucky Cement, which rose 2.4%, and DGKC, up by 1.2%, as prospects of strong earnings growth invited fundamental investors.

Some support from local institutional participation was seen as an uptick in volumes was witnessed, stated analyst Ovais Ahsan. Dealers at Topline brokerage said despite going up by 335 points at the start of the session, local bourse ended only slightly up as uncertainty prevails over global financial markets. Long Eid holidays due this week also hampered investors’ sentiment.

Stocks closed higher after surge in WTI crude prices above $46/barrel.

Renewed investor interest in oversold oil, fertilizers and cement scrips played a catalyst role in positive close despite dismal exports data for Jul-Aug’15 and falling global stocks, observed analyst Ahsan Mehanti. Traded volume was up by 30% to 137m shares, whereas, value declined by 69% (Rs6.8b/$64.7m).

Major activity was witnessed in mid cap stocks like, BYCO, DCL, TRG and DGKC with traded volumes of 14.7mn, 8.7mn, 7.6mn, and 6.9mn shares respectively. Brokers expect the market to show some muted gains in the last trading session ahead before the long Eid weekend.