Stocks end up 529 points as political tensions ease

Stocks end up 529 points as political tensions ease

KARACHI: Pakistan stocks ended up by 529 points on Thursday as investors’ confidence restored after ease in political tensions.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 42,542 points as compared with previous day’s closing of 42,013 points, showing an increase of 529 points.

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Analysts at Arif Habib Limited said that the market ended a week-long negative momentum as the investors rejoiced over much-needed clarity on the political front.

Despite opening in the red zone bulls took over as investors got vital confidence over the opposition party calling off the Long March.

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Positive momentum was witnessed across the board as investors opted for value buying throughout the day. Healthy volumes were witnessed in the market although 3rd tier stocks were more active.

The Index closed at 42,541.71 points, up by 529.05 points (+1.26 per cent DoD). Sectors contributing to the performance include Technology (+347.1 points), Cement (+73.7 points), Banks (+63.1 points), Fertilizer (+32.1 points) and OMC’s (+29.5 points).

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Volumes increased from 240.0 million shares to 347.1 million shares (+44.6 per cent DoD). Average traded value also increased by 19.4 per cent to reach $44.8 million as against $37.5 million.

Stocks that contributed significantly to the volumes are PRL, CNERGY, ELE, GGL and TPLP.

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