Pakistan Stock Exchange  witnessed a bullish trend

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Pakistan Stock Exchange  witnessed a bullish trend on Wednesday as the KSE-100 index gained 482 points.

The benchmark index closed today at 40,300 points as compared to 39,788.73 points on the last working day.

The trading began on a negative note but positive activity emerged in the early hours, which wiped out the losses and took the index into the positive territory. The rally also helped erase all the losses suffered by the stock market a day ago. At close, the benchmark KSE 100-share Index recorded an increase of 481.79 points, or 1.21%, to settle at 40,270.52.

 

Buying activity was seen in cement, automobile, steel and banking sectors. The cement sector led the volumes with trading in 62.8 million shares, followed by chemical companies (41.9 million) and banks (31.8 million).

Among individual stocks, Unity Foods led the table with 26.8 million shares changing hands, followed by Lotte Chemical (17.7 million) and K-Electric (15.9 million), the report added.

JS Global analyst Danish Ladhani said equities closed on a positive note with the benchmark KSE-100 index gaining 482 points.

Cement, exploration and production and financial sectors lifted the market where Lucky Cement (+2.8%), Oil and Gas Development Company (+0.6%), Pakistan Petroleum (+0.5%), MCB Bank (+1.6%), UBL (+1.7%) and HBL (+0.7%) cumulatively contributed to the positive close.

Traded value stood at $95 million, up 2% and volumes came in at 393 million shares, down 12%. Major contribution to the total market volume came from Unity Foods (+1.4%), Lotte Chemical (+2.8%), K-Electric (-1.5%), Fauji Foods (+6.6%) and Maple Leaf Cement (+5%).

Overall, trading volumes decreased to 393.2 million shares compared with Tuesday’s tally of 448.9 million. The value of shares traded during the day was Rs14.8 billion.

Shares of 401 companies were traded. At the end of the day, 294 stocks closed higher, 87 declined and 20 remained unchanged.

Unity Foods was the volume leader with 26.9 million shares, gaining Rs0.18 to close at Rs13.06. It was followed by Lotte Chemical with 17.7 million shares, gaining Rs0.42 to close at Rs15.35 and K-Electric with 16 million shares, losing Rs0.07 to close at Rs4.62.

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