The Pakistan Stock Exchange (PSX) witnessed a positive session on Wednesday, as its benchmark KSE-100 Index closed above the 47,000 level after five weeks, mainly on banking sector’s strength.
The KSE-100 remained in positive territory throughout the session. At close, it settled at 47,079.83, up by 323.03 points or 0.69%.
The last time the benchmark index closed over 47,000 was on August 28.
“The equity market witnessed a positive trend today [Wednesday] as a result of improved liquidity, especially in the banking sector,” brokerage house Ismail Securities stated in its post-market report.
On Tuesday, the KSE-100 Index managed to close higher by 0.28% in a range-bound session.
Brokerage house Topline Securities sees the KSE-100 reaching near 50,000 level in a “pre-election rally”.
“We believe the Pakistan market can potentially experience an 8-10% pre-election rally thereby, has the potential to reach near 50k assuming a smooth election process and the approval of the IMF tranche in November,” said Topline Securities in a note earlier.
Meanwhile, the Pakistani rupee continued its appreciation run against the US dollar, gaining 0.37% in the inter-bank market on Wednesday. As per the State Bank of Pakistan, the rupee settled at 284.68 after an increase of Rs1.04 in the inter-bank market.
This was the rupee’s 20th consecutive increase against the greenback.
Volumes on the all-share index increased to 330.2 million from 213.2 million on Tuesday.
The value of shares rose to Rs7.3 billion from Rs6.1 billion in the previous session.
WorldCall Telecom remained the volume leader with 150.5 million shares, followed by Pak Refinery with 13 million shares and BankIslami Pak. with 11.2 million shares.
Shares of 342 companies were traded on Wednesday, of which 172 registered an increase, 134 recorded a fall, and 36 remained unchanged.