KARACHI: Pakistan equities gained 258 points on Thursday owing to substantial discounted stock prices.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 40,671 points from previous day’s closing of 40,413 points, showing an increase of 258 points.
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Analysts at Arif Habib Limited said that a positive session was witnessed at PSX during the day.
The benchmark KSE-100 index opened in the green as the bulls kept drifting the market within positive zone during most of the trading hours and pulled the index up to make an intraday high of 440.20 points.
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Today’s bullish move was owed to a recovery phase due to substantial discounted stock prices offering all time low price to earnings multiple that attracted investors to accumulate dividend yielding stocks to add value to their portfolio.
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Sectors contributing to the performance include E&P’s (+143.5 points), Commercial Banks (+125.5 points), Fertilizer (+91.1 points), Power Generation & Distribution (+36.0 points), and Chemical (+15.6 points).
Volumes decreased from 167.3 million shares to 152.2 million shares (-9.1 per cent DoD). The average traded value also decreased by 18.0 per cent to USD 28.6 million as against USD 34.8 million.
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Stocks that contributed significantly to the volumes are WTL, HUBC, MLCF, TPLP, & POWER.
