Pakistan stocks rally on PKR stability

Pakistan stocks rally on PKR stability

KARACHI: Pakistan stocks rallied on Thursday owing to to stability in Pakistan Rupee (PKR) against the dollar.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 46,484 points from last day’s closing of 46,165 points, up by 319 points.

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Analysts at Arif Habib Limited said that positive session was observed at PSX today due to stability in Pak rupee against dollar.

Rally was witnessed in refinery sector due to expectation of tremendous earnings in the upcoming financial result.

Main board activity remained dull whereas hefty buying was witnessed in the 3rd tier stocks.

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Across the board buying was observed in the last trading hour which led the market to close in the green zone.

Analysts at Topline Securities said that Pakistan equities closed on a green note where benchmark KSE-100 Index settled at 46,484 (up 0.69 per cent).

During the day, range-bound activity witnessed in the first half however market pick up momentum where KSE-100 index made an intraday high of 344 points. Investors interest mostly witnessed in Fertilizers, Refinery and Cement sector where ENGRO, ATRL, MLCF closed higher.

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Sectors contributing to the performance include Fertilizer (76.2 points), Cement (+58.8 points), Chemicals (+37.9 points), Refinery (+23.3 points) and Inv. Banks (+18.0 points)

Volumes increased from 474.6 million shares to 494.9 million shares (+4.3 per cent DoD). Average traded value decreased by 5.4 per cent to reach US$ 64.3 million as against US$ 68.0 million.

Stocks that contributed significantly to the volumes are CNERGY, WTL, FLYING, TELE and MLCF.

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