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Markets

KSE-100 rises 0.73% on Geneva pledges

  • Market stays in green zone throughout the session
Published January 10, 2023

The Pakistan Stock Exchange (PSX) witnessed an optimistic session on Tuesday and the KSE-100 Index rose 0.73% as nearly $10 billion in financial commitments to Pakistan by the international community strengthened investor sentiment.

At the ‘International Conference on Climate Resilient Pakistan’ in Geneva on Monday. Pakistan secured pledges of over $10 billion for flood rehabilitation and reconstruction.

Negative sentiment dents PSX, KSE-100 loses over 500 points

At close on Monday, the KSE-100 finished with an increase of 296.74 points or 0.73% to settle at 40,801.5.

Trading began with a spike but the uptrend lost steam as the day progressed.

Automobile, cement, chemical and banking sectors closed in the green while oil space closed mixed.

A report from Arif Habib Limited stated that bulls took charge at the PSX.

“The market opened in the green and traded with positive sentiments throughout the session after the international community pledged $10.7 billion to Pakistan as much-needed aid for rehabilitation, recovery, and reconstruction of the flood-affected areas at an international conference.”

Healthy volumes were recorded across the mainboard, however, refineries and cement sectors remained in the limelight throughout the day, the report said.

A report from Capital Stake added that recovering the losses made during the previous session, the PSX closed the session on Tuesday in green.

“Indices accumulated gains all day long while volumes surged from previous close. Positive outcome of the fundraising conference in Geneva and anticipation of economic aid helped in regaining investors’ confidence.”

On the economic front, rupee lost Re0.48 per dollar or 0.21% ending the session at Rs227.9.

Sectors lifting the benchmark KSE-100 index higher included cement (77.22 points), technology and communication (48.84 points) and banking (41.67 points).

Volume on the all-share index rose to 214.3 million from 163 million on Monday. However, the value of shares traded decreased to Rs6.57 billion from Rs6.89 billion recorded in the previous session.

Cnergyico PK was the volume leader with 18 million shares, followed by Unity Foods with 17.2 million shares, and Pak Refinery with 14 million shares.

Shares of 337 companies were traded on Tuesday, of which 231 registered an increase, 82 recorded a fall, and 24 remained unchanged.

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