Stocks gain 623 points amid new trading system halt

Stocks gain 623 points amid new trading system halt

KARACHI: The stock market gained 623 points on Wednesday as new trading system suspended for more than two hours. The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) ended 45,851 points from previous day’s closing of 45,228 points.

Analysts at Topline Securities said that the KSE-100 index rose 1.38 per cent to settle the day at 45,851 points.

The rally is attributed to improvement in sentiments owing to reports suggesting that Saudi Arabia would deposit $3 billion cash in the State Bank of Pakistan (SBP) and also provide $1.2 billion worth of oil on deferred payments which will further pave way for the resumption of the IMF program.

However, the new trading system kept activity restricted and trading was also suspended at noon for 2 hours and 30 minutes in order to resolve technical issues.

Volumes remained thin with 88 million shares traded in the KSE-100 index while the KSE All Share index saw a total traded volume of 163 million shares.

The volume leader for today was WTL with 11.84 million shares traded during the shortened session.

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