KSE-100 index gains 230 points on positive sentiments

KSE-100 index gains 230 points on positive sentiments

KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) gained 230 points on Wednesday as positive sentiments prevailed during the day.

The index closed at 46,630 points as against previous day’s closing of 46,400 points.

Analysts at Arif Habib Limited said that the index stayed in the green zone throughout the day as the market celebrated the statement from Advisor to Prime Minister on Finance that no proposal for the PM to seek help of International Monetary Fund (IMF) chief was under consideration, which eventually gave confidence to investors.

Market opened on a positive note as traders took bet on cement, steel and technology stocks.

Accumulation was witnessed in the banking sector as investors eyeing towards rate hike in the upcoming monetary policy.

On the institutional front, buying activity was observed in the cement sector as inflows appeared through mutual funds.

Sectors contributing to the performance include Fertilizer (+80 points), E&P (+70 points), Technology (+21 points), Pharma (+21 points) and Power (+20 points).

Volumes decreased from 434.7 million shares to 320.3 million shares (-26.3 per cent DoD). Traded value also decreased by 25.3 per cent to reach US$ 61.6 million as against US$ 82.5 million.

Stocks that contributed significantly to the volumes include FNEL, SERF, GGL, TELE and TPLP.