Stock market gains 788 points on positive investors’ sentiments

Stock market gains 788 points on positive investors’ sentiments

KARACHI: The stock market gained 788 points on Thursday owing to positive investors’ sentiments on extension in debt servicing by G20.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,741 points from previous day’s closing of Rs43,953 points, showing the increase of 788 points.

Analysts at Topline Securities said that The day kicked off on a positive note and remained positive throughout the day as investors cheered extension in debt servicing by G20 and slight decline in cut-off yields in the T-Bill auction held yesterday.

This led the market to make an intraday high of 805 points. Initial gains were led by Cements and financial sector.

TRG closed at its upper circuit contributing the most points in KSE100 Index.

On the corporate front, Fauji Foundation will not be proceeding with the due diligence process of Silk bank limited, however in another notice HBL has requested SBP’s approval to proceed with the due diligence of the consumer portfolio ( credit cards, running finance and personal loans) of Silk bank.

Total traded volume and value for the day stood at 383 million shares and at Rs17.97 billion respectively. The volume leader for today was GGL with 35.91 million shares exchanging hands.