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PSX 100-Index Slightly Gains On the Second day

KARACHI: The stock market advanced slightly after the first-day slide in a see-saw session on Tuesday in anticipation of the monetary policy announcement.

The stock market closed at 32972 after a slight increase of 13 points.

The KSE-100 index opened in negative zone but mixed sentiments were seen in early trading hours. The index dropped to an intra-day low of 32,604.64 points as selling pressure persisted.

Trading volumes finally picked up as the market geared up for a likely hike in interest rate. In the later session, recovery was seen on the back of strong valuations of selected auto, oil and bank stocks. Cement and exploration and production sectors also helped the market move upwards.

At the end of trading, the benchmark KSE 100-share Index recorded an increase of 13.67 points, or 0.04%, to settle at 32,972.02.

According to a report of Aba Ali Habib Research, the bourse halted the bearish momentum and added 14 points during the trading session.

During after-hours trading, the State Bank raised the interest rate by 100 basis points to 13.25% for the next two months.

The dollar gained 16 paisa in interbank and reached at Rs 160.05 while it reached at 160.50 in open market.

The 10 grams gold prices also jumped by Rs 1028 and reached Rs 71828 while gold prices in international market witnessed stable.