Stocks inch up 76 points in volatile trade.

KARACHI -- The stock market managed to post recovery on Tuesday as the KSE-100 index gained 76.11 points (0.22 per cent) and closed at 33,992.75, though almost the entire upside came in the last half hour of trading.

It opened strong and skyrocketed to intraday high by 469 points as investors dashed to accumulate stocks in the oil chain on the back of further improvement in international crude prices.

The discounted stock prices in the exploration and production and oil marketing companies, with their heavy weight in the index, triggered buying across the board. But after the euphoria was over, investors indulged in profit-booking which saw the market let go of much of the gains.

Investors were encouraged by the ease of lockdowns in major economies and the reported intent of the federal government to announced reopening of some other business together with lifting some restrictions.

While sentiments improved over the resumption of business and industrial activity going forward, the mounting numbers of coronavirus cases in the country was unsettling. Further, the MSCI review due on the 12th dissuaded institutional investors from taking fresh positions lest the country is pushed back in the Frontier market.

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