Stocks gain 156 points ahead of mini-budget

Stocks gain 156 points ahead of mini-budget

KARACHI: The stocks gained 156 points on Thursday ahead of mini-budget announcement, analysts said.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,416 points as against previous day’s closing of 44,260 points, showing an increase of 156 points.

READ MORE: KSE-100 index up 216 points in range-bound trading

The analysts at Arif Habib Limited said that the index stayed in the green zone ahead of mini-budget.

Cement sector remained in the limelight as cement stocks rallied in the first trading hour due to reduction in international coal prices.

In banking sector, MEBL stayed in the limelight as SBP for the first time has introduced shariah compliant liquidity facilities for Islamic banking institutions to enable them to offer better returns and rates to their customers on deposits and loans.

READ MORE: SBP introduces Shariah compliant OMO injections

Moreover, activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.

Sectors contributing to the performance include Technology & Communication (+79 points), Commercial Banks (+60 points), Fertilizer (+44 points) Cement (+32 points) and Tobacco (+16 points).

Volumes decreased from 271.1 million shares to 243.1 million shares (-10.3 per cent DoD). Traded value increased by 26.8 per cent to reach US$ 58.3 million as against US$ 45.9 million.

Stocks that contributed significantly to the volumes include KEL, TREET, TRG, CNERGY and PRL.

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