KARACHI: Pakistan stocks gained 177 points on Wednesday in a lackluster trading due to expected introduction of mini budget.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,327 points from previous day’s closing of 41,150 points, showing a gain of 177 points.
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Analysts at Arif Habib Limited said that the PSX witnessed a positive session during the day.
The KSE-100 index opened in red zone although during first half of the day investors involvement remained sluggish as they adopted for cautious approach knowing mini budget approval in today’s national assembly is awaited.
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However in the last trading hours bulls took charge and drove the index to reach an intraday high of 307.60 points to finish in the green. Decent volumes were recorded across the board.
Sectors contributing to the performance include Technology & Communication (+72.9 points), E&P’s (+65.5 points), Power Generation & Distribution (+51.8 points), Cement (+38.2 points), and Automobile Assembler (+21.1 points).
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Volumes decreased from 187.5 million shares to 137.4 million shares (-26.7 per cent DoD). The average traded value also decreased by 21.6 per cent to USD 23.0 million as against USD 29.3 million.
Stocks that contributed significantly to the volumes are WTL, CNERGY, HUBC, OGDC, & TRG.
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