KARACHI: Pakistan stocks gained 392 points on Wednesday as the market witnessed bullish trading during the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 46,340 points as against previous day’s closing of 45,948 points, showing an increase of 392 points.
READ MORE: Stocks end up 107 points in volatile trading
Analysts at Arif Habib Limited said that bullish momentum was recorded today as Brent and WTI dropped from its seven-year high.
Oil slid more than two per cent from recent seven-year highs as the resumption of indirect talks between the United States and Iran could revive an international nuclear agreement and allow more oil exports from the OPEC producer.
READ MORE: Stocks shed 68 points despite initiating positive
Cement sector stayed under pressure due to higher international coal prices. In the banking sector, BAHL remained in the limelight as it announced tremendous financial result beating market expectations.
Physiological level of 46,000 was finally digested by the investors as across the board buying was observed in the last trading hour, which led the index to close in the green zone.
READ MORE: Weekly Review: Sentiments to positive on PM China visit
Sectors contributing to the performance include Banks (+123.7 points), Fertilizer (+73.6 points), E&P (+42.6 points), Power (+25.6 points) and Cement (+21.5 points).
Volumes increased from 187.4 million shares to 243.1 million shares (+29.8 per cent DoD). Traded value also increased by 40.0 per cent to reach US$ 56.8 million as against US$ 40.6 million.
Stocks that contributed significantly to the volumes include TREET, KEL, HUMNL, WTL and EPCL.