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Markets

Political clarity bolsters PSX, KSE-100 rises 0.69%

  • Market closes above 42,000 points as investors assume fresh position
Published May 16, 2023

Investors’ sentiment at the Pakistan Stock Exchange (PSX) strengthened on Tuesday and the KSE-100 Index rose 0.69%, a development largely attributed to political clarity.

Market participants assumed fresh positions as political temperature cooled, tossing the market above the 42,000-point psychological barrier.

At close, the KSE-100 Index was up 287.82 points or 0.69% to settle at 42,006.24.

KSE-100 jumps 0.56% amid upside and downside pressures

Despite a volatile open, buying activity gripped the market in early hours and lifted it steadily throughout the session.

Index-heavy automobile, cement, chemical and oil segment closed with a gain while banking sector turned red.

A report from Arif Habib Limited (AHL) stated a positive session was marked at the PSX.

“The index opened in the green as clarity on the political ground boosted investors’ confidence resulting in the bourse staying in the green throughout the trading session,” the report said. “Volumes increased significantly in the mainboard while 3rd tier equites remained in the limelight.”

A report from Capital Stake cited the PSX continued its winning streak on Tuesday.

“Indices accumulated gains all day long while volumes grew from last close. Market performed well because political unrest halted for the time being.”

Sectors adding gains to the benchmark KSE-100 index included oil and gas exploration (109.27 points), banking (63.85 points) and fertiliser (44.33 points).

On the economic front, rupee finished with an increase of Re0.01 to settle at 284.96 against the US dollar in the inter-bank market.

Volume on the all-share index soared to 196.2 million from 109.2 million on Monday, while the value of shares traded rose to Rs5.77 billion from Rs3.37 billion recorded in the previous session.

PTCL was the volume leader with 15.6 million shares followed by WorldCall Telecom with 14.1 million shares and Hum Network with 12.7 million shares.

Shares of 324 companies were traded on Tuesday, of which 178 registered an increase, 120 recorded a fall and 26 remained unchanged.

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Tulukan Mairandi May 16, 2023 07:38pm
Clarity? Clarity that a default is imminent perhaps
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