Stocks gain 387 points as trade deficit narrows

Stocks gain 387 points as trade deficit narrows

KARACHI: Pakistan stocks gained 387 points on Wednesday owing to positive sentiments prevailed after the trade deficit of the country contracted sharply.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 42,226 points from previous day’s closing of 41,839 points, showing an increase of 387 points.

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Analysts at Arif Habib Limited said that a positive session was witnessed at the PSX on Wednesday.

The market traded in the green zone throughout the day as the trade deficit of Pakistan witnessed a sharp decline of 30.16 percent year on year basis.

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Investors’ participation remained active in the mainboard as 3rd tier stocks continued to remain as volume board leaders.

Sectors contributing to the performance include Commercial Banks (67.6 points), Cement (67.3 points), E&P’s (64.0 points), Fertilizer (58.3 points) and Automobile Assembler (32.7 points).

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Volumes increased from 190.3 million shares to 250.3 million shares (31.5 per cent DoD). The average traded value also increased by 14.0 per cent to USD 30.1 million as against USD 26.4 million.

Stocks that contributed significantly to the volumes are GTECH, WTL, GTECHBR, GGL and DFML.

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