- Market breaches 43,500 level to close with 0.55% gain
The Pakistan Stock Exchange (PSX) staged a rebound on Wednesday and the KSE-100 index rose 0.55%, aided by late session buying.
Following a mixed trading session, the KSE-100 index rose 240.08 points or 0.55% to close at 43,676.56 points.
Trading began with a spike however, selling pressure leveled the market in early hours. From this point onward, the market remained range-bound till the final hours. Towards the end of the session, a fresh buying spell propped up the gains to close over 43,500 point mark.
While the cement sector closed with gains, automobile and oil sectors recorded selloff and ended the day on a negative note. On the other hand, the banking sector saw mixed trading activity.
A report from Capital Stake stated that taking a U-turn from the previous session, the PSX closed the session on Wednesday in green.
“Indices swayed in both directions while volumes appreciated from last close,” it said.
As per analysts, the ongoing results season helped in reviving the investors’ confidence.
On the economic front, the local currency snapped the 11 session winning streak and shed Re0.98 (0.46%) against the US Dollar to end at Rs214.88, stated data from the State Bank of Pakistan.
Furthermore, as per news reports, the IMF and Pakistan reached an agreement on the Letter of Intent (LoI). The IMF has been given assurance of a gradual increase in the petroleum levy to Rs50 per liter on petroleum products by January 2023.
Sectors painting the benchmark KSE-100 index in green included technology and communication sector (114.07 points), cement sector (94.94 points) and power generation and distribution sector (38.46 points).
Volume on the all-share index rose to 607.99 million from 518.1 million on Tuesday. Similarly, the value of shares traded declined to Rs11.1 billion from Rs16.2 billion recorded in the previous session.
K-Electric was the volume leader with 209.1 million shares, followed by WorldCall Telecom with 53.1 million shares, and Hascol with 48.3 million shares.
Shares of 356 companies were traded on Wednesday, of which 153 registered an increase, 171 recorded a fall, and 32 remained unchanged.