Equities extend gains, KSE-100 up 0.6%

Pakistan equities extended gains from yesterday's session, as the benchmark KSE-100 Index inched up 0.6% to close just below the 44,000 level on Wednesday. Volume and value of shares traded also increased.

“The KSE-100 opened on a positive note and remained in the green zone due to a delay in opposition parties' protest, easing of global commodity prices and news flow regarding dialogues between Russian and Ukranian officials,” said Topline Securities in its post-market comment.

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The market opened on a positive note and remained in the green, pushing the benchmark index above the 44,000 level to record an intraday high of 44,283.88 (up by 564 points).

At close, it ended with a gain of 255.87 points, or 0.59%, to settle at 43,975.69.

On the economic front, the government in its latest fortnightly price revision kept petroleum products prices unchanged in line with the Prime Minister's relief package. During the period, international oil prices increased by 22.7% whereas international refining margins on HSD increased significantly by 47%.

On the corporate front, Cherat Cement Company Limited informed the bourse that it has commissioned 11.35 MW solar power plant at its factory in Nowshera, Khyber Pakhtunkhwa. “The remaining approximate 1.7 MW is expected to be energized in the next two months.”

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Meanwhile, sectors driving KSE-100 upwards included technology and communication (88.01 points), cement (69.90 points) and banking (31.01 points).

Volume on the all-share index increased to 236.51 million from 189.04 million on Tuesday. The value of shares traded also improved to Rs5.79 billion from Rs4.69 billion recorded in the previous session.

Flying Cement (R) was the volume leader with 22.35 million shares, followed by WorldCall Telecom with 16.69 million shares, and Treet Corporation with 15.23 million shares.

Shares of 354 companies were traded on Wednesday, of which 215 registered an increase, 115 recorded a fall, and 24 remained unchanged.