Stock market increases by 401 points; crosses 37,000 points after seven months

KARACHI: The stock market gained 401 points on Wednesday to cross 37,000 mark after seven months.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 37,167 points from last day’s closing of 36,7666 points.

Analysts at Topline Securities said that after depicting a flattish trend in last session, KSE-100 index returned to its upward trajectory to record gain of 1.09 percent/401 points to close at 37,167 level.

The last time the market saw 37,000 was back in Apr-2019 7 months ago.

Furthermore, today the value traded of Rs10.7 billion was the highest of the year thus far.

As per rumors in the market, Pension fund has made investment in mutual funds which led the index to rally 401 points.

Furthermore, (NML) Nishat Mills Limited ,(GATM) Gul Ahmad Textile Mills & FML Feroze Mills Limited closed positively in range of 3-5 percent on recent export based incentives package announced by state bank of Pakistan.

Top contributors to the Index were HBL (+64), followed by BAHL (+44) , ENGRO (+34) & MARI (+30).

Investor participation in terms of volume was recorded at 275 million shares down 6 percent; while traded value was up by 8 percent at Rs.10.7 billion.

UNITY was the market leader followed by WTL & TRG which cumulatively added 24 million shares to total volume.

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