Pakistan stocks up 30 points in sluggish participation

KARACHI: Pakistan stocks gained 30 points on Wednesday in sluggish participation from investors during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 39,717 points from previous day’s closing of 39,687 points, showing a gain of 30 points.

Analysts at Arif Habib Limited said a positive session was observed at PSX during the day.

The KSE-100 index opened in the green following much-needed clarity on the Monetary Policy Statement, with a 100 basis points increase in the interest rate surprising investors and boosting their confidence as the bourse continued to trade positively throughout the trading session.

Although investor’s participation remained sluggish owing to the ongoing political noise in the country. Volume in the main board remained dry while third-tier companies continued to dominate the volume board.

Sectors contributing to the performance include Chemical (+12.8 points), Miscellaneous (+12.3 points), Technology & Communication (+8.0 points), Power Generation & Distribution (+7.7 points), and Insurance (+7.0 points).

Volumes increased from 83.3 million shares to 86.7 million shares (+4.2 per cent DoD). The average traded value also increased by +11.2 per cent to USD 8.5 million as against USD 7.6 million.

Stocks that contributed significantly to the volumes are SILK, TELE, WTL, OGDC, & PTL.