KARACHI: Pakistan stocks gained 279 points on Friday on expectations of incentives in the budget 2022/2023.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 42,015 points from previous day’s closing of 41,736 points, showing an increase of 279 points.
READ MORE: Pakistan stocks gain 183 points on rupee appreciation
Analysts at Arif Habib Limited said that the KSE-100 index remained range bound with low volumes due to concerns regarding upcoming budget and inflationary pressure.
Pharma and IT Sector remained in the limelight due to expectation of incentives in the budget.
READ MORE: Stocks remain volatile on expected harsh measures
Value buying was observed in the last trading hour which led the index to close in the green zone.
Main board activity remained dry whereas significant volumes were observed in the 3rd tier stocks.
READ MORE: Pakistan stocks end flat as investors eyeing budget
Sectors contributing to the performance include E&P’s (+64.4 points), Fertilizer (+57.1 points), Automobile (+41.0 points), Technology (+29.2 points) and Chemicals (+27.0 points).
Volumes decreased from 235.3 million shares to 115.9 million shares (-50.4 per cent DoD). Average traded value also decreased by 43.9 per cent to reach US$ 15.2 million as against US$ 27.4 million.
READ MORE: Pakistan stocks gain 262 points in mixed trading
Stocks that contributed significantly to the volume are TPLP, GTECH, LOTCHEM, HUMNL and HASCOL.
