Stocks gain 588 points on record remittances

Stocks gain 588 points on record remittances

KARACHI: Stocks ended up by 588 points on Friday owing to record inflows of workers’ remittances in April 2022.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 43,486 points from previous day’s closing of 42,898 points, showing a gain of 588 points.

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Analysts at Arif Habib Limited said that KSE-100 index opened in the positive zone today continuing the momentum from the last trading session.

The benchmark KSE-100 index managed to remain in the green throughout the day as Pakistan has witnessed highest ever foreign remittances during April 2022 up by 12 per cent YOY giving the investors much needed confidence resulting into value buying across the board.

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Although, main board activity remained dull whereas hefty volumes were witnessed in the 3rd tier stocks.

The Index closed at 43,486.46 points, up by 588.02 points (+1.37 per cent DoD). Sectors contributing to the performance include Banks (+136.1 points), E&P’s (+127.0 points), Cements (+46.7 points) and Autos (+46.6 points).

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Volumes decreased from 284.5 million shares to 208.1 million shares (-26.9 per cent DoD). Average traded value also decreased by 10.6 per cent to reach US$ 36.2 million as against US$ 40.5 million.

Stocks that contributed significantly to the volumes are TREET, CNERGY, PRL, LOTCHEM and WTL.

READ MORE: Pakistan stocks plunge 1,448 points amid panic selling

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