KSE-100 rises for 11th straight session, crosses 42,000-point mark

The Pakistan Stock Exchange (PSX) extended the winning run for the 11th consecutive session on Wednesday as the KSE-100 Index surged 0.38% to close above the 42,000 point barrier.

Contraction in trade deficit on the back of significant decline in imports fueled buying activity at the stock market.

10th successive positive finish: KSE-100 closes near 42,000 after 347-point gain

By the end of the session, the KSE-100 Index was up 160.29 points or 0.38% to close at 42,087.93 points.

Trading began with a spike and the market hit intra-day high in initial hours. Selling pressure gripped the KSE-100 Index towards noon and dragged it lower but a late session buying spree helped it in closing with gains.

Cement and chemical sectors closed in green while automobile and banking spaces ended the day in loss. The fertiliser and oil sectors closed on a mixed note.

A report from Capital Stake stated that the PSX continued to shine on Wednesday.

“Indices traded in green for most part of the day while volumes appreciated from last close,” the report said.

In its report, Arif Habib Limited stated that another positive session was taped at the PSX on Wednesday.

“The benchmark KSE-100 index opened with the same optimistic feelings as the previous close, as the trade deficit shrank by 39.62% year-on-year to $23.71 billion in 10MFY23, providing investors a sense of optimism.”

Investor engagement surged considerably as mainboard volumes increased, although the banking and cement sectors remained market trendsetters, it said.

Sectors driving the benchmark KSE 100 index north included cement sector (134.10 points), paper and board sector (21.03 points) and oil and gas exploration sector (16.85 points).

Volume on the all-share index rose to 289.8 million from 220 million on Tuesday while the value of shares traded increased to Rs10.2 billion from Rs6.25 billion recorded in the previous session.

WorldCall Telecom was the volume leader with 55.3 million shares followed by Habib Bank with 23.5 million shares and Maple Leaf Cement with 16.5 million shares.

Shares of 365 companies were traded on Wednesday, of which 160 registered an increase, 180 recorded a fall and 25 remained unchanged.