- Persistent appreciation of rupee against dollar lent additional support
The Pakistan Stock Exchange (PSX) maintained its winning streak for a third session on Wednesday and the KSE-100 index rose 0.63% as volumes surged to their highest levels since July 2021.
Rupee’s persistent appreciation against dollar further fueled investor sentiment at the equity market and motivated them to make fresh buying. Resultantly, the KSE-100 Index rose 260.99 points or 0.63% to close at 41,611.42.
Trading began with a jump, however, the market traded in a narrow range for most part of the day. A buying spree, emerging at the end of the day, elevated the gains.
Automobile and cement sector closed with gains however, chemical, fertiliser, banks and oil sectors ended the day on a mixed note.
A report from Arif Habib Limited stated that positive momentum from the previous close continued at the PSX.
“The market remained in positive zone throughout the day as investors continued to accumulate value stocks,” it said. “Rupee’s continuing its solidification against the US dollar helped investors to remain affirmative in the market.”
Volumes continued to swell in the main board with third tier stocks being in the limelight, it said.
Capital Stake, in its report, said that PSX witnessed yet another encouraging session on Wednesday.
“Indices traded in green all day long, while volumes increased from last close to levels last seen in July 2021,” it said.
On the economic front, rupee gained another Rs1.7 or 0.75% per dollar to close the session at Rs223.94, revealed data from the Pakistan Bureau of Statistics.
Sectors raising the benchmark KSE-100 Index higher included technology and communication (113.30 points), cement (109.13 points) and fertiliser (23.81 points).
Volume on the all-share index spiked to 635.6 million from 593.4 million on Tuesday. On the other hand, the value of shares traded rose to Rs10.5 billion from Rs9.35 billion recorded in the previous session.
WorldCall Telecom was the volume leader with 365 million shares, followed by Telecard Limited with 23.1 million shares and TRG Pakistan with 21.8 million shares
Shares of 351 companies were traded on Wednesday, of which 164 registered an increase, 163 recorded a fall, and 24 remained unchanged.