Pakistan stocks gain 591 points amid political unrest

KARACHI: Pakistan stocks have gained 591 points on Thursday amid political uncertainty due to no-confidence motion against the prime minister.

The benchmark KSE-100 index of Pakistan Stock Exchange closed at 44,929 points as against previous day’s closing of 44,337, up by 591 points.

Analysts at Arif Habib Limited said that the market witnessed positive momentum along with improved trading volumes today.

The KSE-100 index stayed in green zone. As investors seems to be optimistic on ground of decline in international oil prices and expectation of upcoming good financial results in cement stocks. On the flip side activity remained healthy in 3rd tier stocks

Sectors contributing to the performance include Technology (+118.2 points), Fertilizer (+87.1 points), Banks (+67.7 points) and Cement (+41.0 points).

Volumes increased from 344.1 million shares to 415.6 million shares (+20.8 per cent DoD). Average traded value also increased by 24.4 per cent to reach US$ 52.7 million as against US$ 42.4 million.

Stocks that contributed significantly to the volumes are KEL, TREET, TELE, GGL, and AGL.