After profit-taking in the previous session, Pakistan stocks saw a reversal of sentiment amid a flow of positive developments, as the benchmark KSE-100 Index climbed 0.61%, while volume and value of shares traded also improved substantially.
At close on Thursday, the KSE-100 Index settled at 42,716.97, a gain of 258.83 points.
The benchmark index opened on a positive note and stayed green throughout the day, as it inched up to an intra-day high of 42,987.88, up 270 points.
Capital Stake, in its post-market note, said positive sentiments prevailed in the market following news of Pakistan finalising its $2.3-billion facility agreement with a Chinese consortium of banks.
“Moreover, the news of approval Rs133 billion for IPPs by Economic Coordination Committee (ECC) of the cabinet and appreciation of rupee against US dollar also acted as positive triggers,” it added.
On the economic front, the rupee closed at 207.23 against the US dollar, after an appreciation of 2.27% or Rs4.7, registering the biggest gain against the US dollar in absolute terms on a day-to-day basis, as the currency market celebrated the announcement of a loan agreement with Chinese banks as well as progress on budget measures with the International Monetary Fund (IMF).
KSE-100 closes 0.16% lower in volatile session
Sectors driving the benchmark index upwards included power generation and distribution (74.80 points), banking (52.17 points) and technology and communication (26.42 points).
Volume on the all-share index increased to 349.5 million from 266.1 million on Wednesday. The value of shares traded also increased to Rs10.14 billion from Rs8.47 billion recorded in the previous session.
Cnergyico PK was the volume leader with 37.40 million shares, followed by Pak Refinery with 29.34 million shares, and K-Electric Ltd with 27.96 million shares.
Shares of 347 companies were traded on Thursday, of which 235 registered an increase, 87 recorded a fall, and 25 remained unchanged.
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