Pakistan benchmark index gains 58 points in mixed trading

Pakistan benchmark index gains 58 points in mixed trading

KARACHI: Pakistan’s benchmark KSE-100 index on Wednesday gained 58 points in mixed trading prevailed during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,874 points from previous day’s closing of 41,816 points, showing the increase of 58 points.

READ MORE: KSE-100 index ends firmer amid political instability

Analysts at Arif Habib Limited said that a positive session was recorded at the PSX during the day.

The market opened in the red losing 209.39 points following the ongoing political turbulence in the state. However, bulls quickly droved the index and proceeded to make an intraday high of 193.69 points as investors opted to cherry pick strong fundamental stocks given the attractive valuations being offered in the market.

READ MORE: Positive sentiments help Pakistan stocks to gain 63 points

Volumes remained robust all across the mainboard while the Cement sector remained in the spotlight.

Sectors contributing to the performance include Cement (+118.5 points), Commercial Banks (+20.6 points), Engineering (+19.2 points), Textile Composite (+13.8 points), and Paper & Board (+12.2 points).

READ MORE: Weekly Review: Foreign inflows to move Pakistan stocks

Volumes increased from 185.3 million shares to 233.3 million shares (+25.9 per cent DoD). The average traded value also increased by +24.9 per cent to USD 29.85 million as against USD 23.89 million.

Stocks that contributed significantly to the volumes are MLCF, HASCOL, WTL, FCCL and DGKC.

READ MORE: KSE-100 Index ends up 208 points in bullish trading