KSE-100 index gains 218 points on investors’ optimism

KARACHI: Benchmark KSE-100 index of Pakistan Stock Exchange (PSX) gained 218 points on Wednesday on investors’ optimism prevailed during the day.

The stock market ended 41,168 points from previous day’s closing of 40,950 points, showing a gain of 218 points.

Analysts at Arif Habib Limited said that the bullish trend at the PSX resumed during the day.

The benchmark KSE-100 index opened in the green and continued to trade in that territory throughout the session, owing to the positive dynamics generated by a potential staff level agreement between the government and the IMF for the 9th tranche of the Extended Fund Facility.

Volumes increased dramatically after extraordinary financial earnings were announced by the Banking and Cements sector, boosting investor confidence.

Sectors contributing to the performance include Commercial Banks (+123.5 points), Cement (+66.0 points), Power Generation & Distribution (+53.4 points), Tobacco (+12.9 points), and Inv. Banks / Inv. Cos. / Securities Cos. (+11.8 points).

Volumes increased from 96.5 million shares to 196.5 million shares (+103.7 per cent DoD). The average traded value also increased by 39.6 per cent to USD 24.5 million as against USD 17.5 million.

Stocks that contributed significantly to the volumes are WTL, MLCF, OGDC, TPLP and BOP.