KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) gained 542 points on Monday as the market witnessed hefty buying during the day.
The index ended at 45,888 points as against last Friday’s closing of 45,346 points, showing an increase of 542 points.
Analysts at Topline Securities said that the investors welcomed new week on a bullish note where KSE-100 index remained mostly in the green zone throughout the day.
Initially, market opened on a negative note on the back of news regarding further delay in IMF program.
However, across the board buying has been witnessed in the blue chip stocks ahead of the commencement of result season which assisted index closing to settle at 45,888 level (+542 points; up 1.2 per cent).
Power, Banks and Technology sector’s stocks contributed positively today where HUBC, MCB and TRG cumulatively added 153 points while EFERT, POL and MARI has seen some profit taking as they lost 60 points, collectively.
Total volume and value stood at 356 million shares and Rs. 11.86 billion, respectively. UNITYR was top on the volume chart with around 33 million shares traded in it, today.
Analysts at Arif Habib Limited said that the market stayed in the bullish zone as investors became optimistic due to the highest ever textile exports during 1HFY22.
Market opened under pressure as fears uplifted due to coronavirus rising cases in Pakistan. After one hour of market opening, traders took aggressive bet on tech stocks.
Rally in banking sector was observed due to the expectation of foreign inflows. Cement sector stayed in the green zone due to the decline in international coal prices. Activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.