KARACHI: Pakistan stocks gained 183 points on Wednesday despite political uncertainty and devaluation of Pakistani rupee (PKR) against the dollar.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 44,111 points from previous day’s closing of 43,928 points, showing an increase of 183 points.
Analysts at Topline Securities said that Pakistan equities closed green where benchmark KSE-100 Index settled at 44,111 level. “Despite political uncertainty and unstable economic conditions market open on a positive note where market make an intraday high of 449 points,” they added.
The analysts at Arif Habib Limited said that positive day observed at PSX, KSE-100 index remained in green zone throughout the day, activity remained sideways due to political unrest and devaluation of PKR against US Dollar.
Value buying were observed in fertilizer sector. In the last trading hour, across the board profit taking was witnessed.
Sectors contributing to the performance include Fertilizer (+64.4 points), Banks (+36.0 points), Technology & Communications (+30.8 points), Power (+28.7 points) and Investment Banks (+25.3 points).
Volumes decreased from 115.6 million shares to 108.4 million shares (-6.3 per cent DoD). Average traded value also decreased by 6.9 per cent to reach US$ 22.9 million as against US$ 24.6 million.
Stocks that contributed significantly to the volumes are TREET, TELE, EPCL, KEL and GGL.