PSX gains 944-point with positive sentiments

KSE-100 posts highest 2-day gain in a decade

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KARACHI

The equity market gained another 944 points on Thursday on positive sentiments prevailed on back of state enterprise fund. the KSE-100 index surged for the fourth successive session, rising past the 35,500-point mark. Investors resumed buying with renewed vigour as uncertainty of the past few days evaporated. The index shot up as soon as trading began following announcement that the delayed $3.2-billion Saudi oil and gas deferred payment facility would be operational from July this year.

The development triggered positive response from market participants, who were also encouraged by the rupee’s stability against the dollar. On the economic front, Fitch Solutions forecast no more interest rate hikes in Pakistan throughout the year after a hefty increase in the policy rate, which would ultimately stabilise inflation numbers over the coming months. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 35,581 points as against 34,637 points showing an increase of 944 points.

Overall, trading volumes increased to 227.7 million shares compared with Wednesday’s tally of 203.5 million. The value of shares traded during the day was Rs7.2 billion. Shares of 359 companies were traded. At the end of the day, 267 stocks closed higher, 75 declined and 17 remained unchanged.

The Bank of Punjab XD was the volume leader with 16.3 million shares, gaining Rs0.02 to close at Rs12.27. — VoM

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