Pakistan stocks up 384 points ahead FATF decision

Pakistan stocks up 384 points ahead FATF decision

KARACHI: Pakistan stocks witnessed an increase of 384 points on Wednesday on expectations of coming out of grey list of FATF.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,439 points from previous day’s closing of 41,055 points, showing an increase of 384 points.

READ MORE: Pakistan stocks recover 175 points

Analysts at Arif Habib Limited said that bullish momentum was witnessed at PSX today due to expectation of Pakistan’s exclusion from the grey list of Financial Action Task Force (FATF).

KSE-100 index stayed in the green zone as investors opted for value hunting in the OMCs, cements and E&P sectors.

READ MORE: Stocks plunge 1,135 points on adverse budget measures

Volumes remained sluggish in the main board whereas 3rd tier stocks witnessed hefty volumes.

The Index closed at 41,438.79 points, up by 384.11 points (+0.94 per cent DoD). Sectors contributing to the performance include Cement (+73.6 points), Banks (+70.6 points), Fertilizer (+70.0 points), E&P (+54.7 points) and Power (+34.5 points).

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Volumes increased from 120.1 million shares to 141.7 million shares (+18.0 per cent DoD). Average traded value also increased by 41.6 per cent to reach US$ 23.1 million as against US$ 16.3 million.

Stocks that contributed significantly to the volumes are TPLP, BGL, PRL, WTL and SNGP.

READ MORE: Pakistan stocks gain 183 points on rupee appreciation

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