Pakistan stocks up 291 points on fiscal consolidation

Pakistan stocks up 291 points on fiscal consolidation

KARACHI: Pakistan stocks ended up 291 points on Thursday as the government took further harsh measures for fiscal consolidation.

The benchmark KSE-100 index of Pakistan Stock exchange (PSX) ended at 41,730 points from last day’s closing of 41,439 points, showing an increase of 291 points.

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Analysts at Arif Habib Limited said that the PSX continued positive momentum as investors’ confidence got boosted as the government announced to further increase fuel prices in order to keep in line with the IMF Program.

The KSE-100 Index stayed in green zone throughout the day. Activity remained healthy across the board as cement sector remained in the limelight due to price increase in the North region.

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Sectors contributing to the performance include E&P (+63.7 points), Power (+55.8 points), Cement (+53.7 points), Fertilizer (+49.3 points) and OMC’s (+35.4 points).

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Volumes increased from 141.7 million shares to 162.2 million shares (+14.4 per cent DoD). Average traded value also increased by 0.3 per cent to reach US$ 23.0 million as against US$ 22.9 million.

Stocks that contributed significantly to the volumes are WTL, OBOYR1, MLCF, PRL and CNERGY.

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