KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) on Wednesday gained 1,120 points as institutional buying was seen across the board.
The index closed at 44,367 points as against the previous day’s closing of 43,247 points, showing an increase of 1,120.
Analysts at Arif Habib Limited said that KSE-100 index stayed in the bullish momentum throughout the day as the market celebrated interest rate not entering into double digits and SBP’s forward guidance that the interest rate would remain broadly unchanged in the near term.
Market opened with a positive note as traders took aggressive bets on cement, steel and technology stocks.
On the institutional front, buying activity was witnessed across the board from the mutual funds. Moving forward, the upcoming auction of treasury bills will play a vital role to set the direction of the market.
Sectors contributing to the performance include Cement (+263 points), Technology & Communication (+196 points), E&P (+110 points), OMC’S (+74 points) and Chemical (+62 points).
Volumes increased from 212.4 million shares to 398.1 million shares (+87.5 per cent DoD). Traded value also increased by 72.1 per cent to reach $65.5 million as against $38.0 million.
Stocks that contributed significantly to the volumes include WTL, BYCO, HASCOL, HUMNL and FFL.
