Pakistan stocks gain 240 points amid profit taking

Pakistan stocks gain 240 points amid profit taking

KARACHI: Pakistan stocks gained 240 points on Wednesday despite profit taking observed during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 43,676 points from previous day’s closing of 43,436 points, showing a gain of 240 points.

READ MORE: Stocks shed 185 points amid profit taking

Analysts at Arif Habib Limited said that the stock marked observed a positive session during the day.

The KSE-100 index opened in the green zone but investors opted for profit taking in the1st trading hour.

Banking sector remained in the limelight due to major result announcements.

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Value buying was observed in the last trading hour which led the index to close in the green zone.

Sectors contributing to the performance include Technology (+116.2 points), Cement (+97.2 points), Power (+38.1 points), Engineering (+16.1 points) and Fertilizer (+13.6 points).

READ MORE: Weekly Review: stock market likely to move in positive zone

Volumes increased from 518.0 million shares to 608.0 million shares (+17.4 per cent DoD). Average traded value decreased by 31.4 per cent to reach US$ 51.8 million as against US$ 75.8 million.

Stocks that contributed significantly to the volume are KEL, WTL, HASCOL, PIA and FLYNG.

READ MORE: Weekly Review: market likely to continue positive sentiments