Stocks gain 183 points despite political uncertainty

Stocks gain 183 points despite political uncertainty

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.

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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.

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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).

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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.

READ MORE: Pakistan stocks gain 223 points amid volatile trading

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