KARACHI: Pakistan stocks extended gains on Wednesday owing to optimistic economic outlook, analysts said.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 39,785 points from previous day’s closing of 39,056 points, showing a gain of 729 points.
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The analysts at Arif Habib Limited said that another bullish session was taped today at the PSX. The market resumed with the same optimistic outlook as the previous closing.
The index opened in the green zone, with the bulls taking charge throughout the trading session, reaching an intraday high of 889.97 points accounting to recent developments in the revival of the IMF program, as the government appears to be taking all possible measures to revive the IMF program.
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It is reported that in the next ECC meeting gas tariffs will be raised, assisting in the resolution of the Gas Circular debt in accordance with IMF requirements.
Volumes remained elevated across the board, with the cyclical sectors dominating the volume board.
Sectors contributing to the performance include Banks (+290.6 points), Fertilizer (+106. points), E&P’s (+98.8 points), Cements (+49.9 points), and Technology & Communication (+32.0 points).
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Volumes increased from 179.8 million shares to 269.5 million shares (+49.9 per cent DoD). The average traded value also increased by 65.7 per cent to USD 45.8 million as against USD 27.6 million.
Stocks that contributed significantly to the volumes are WTL, TPLP, PPL, SNGP and TRG.