Stocks stage 370-point rally on aggressive buying.

KARACHI -- Stocks staged a surprise rally on Tuesday as all eyes were on the Senate elections to be held on Wednesday. However, the pragmatists among inAAvestors thought it the right time to pick up stocks available at attractive valuations.

The KSE-100 index gained 370.84 points, or 0.81 per cent, to close slightly short of the 46,000 level at 45,964.27. Earlier, the index oscillated between the intraday high and low by 484 and 58 points.

Traders said that as most major companies had announced financial results for the quarter ended Dec 31, 2020, investors had been booking profit. But prospects of release of funds on account of circular debt resolution prompted investors to take positions in energy chain (OandGMCs and Power sectors).

Buying activity was also observed in banks, refinery and textile sectors. MoreAover, the automobile sector saw renewed buying interest with the sector closing up 2.20pc. Engineering sector closed up 3.15pc for the day as steel stocks ramped up substantial gains. Mixed sentiment was seen in the cement sector where Lucky, Kohat and Fauji closed in the red zone while...