The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index extended gains for the fourth straight session on Thursday, adding another 372 points during the day on cement and banking sectors’ strength.
The KSE-100 started with a positive note that largely continued throughout the session.
At close, the benchmark index settled at 47,452.38, up by 372.55 points or 0.79%.
“This upward trend can probably be attributed to a resurgence of investor enthusiasm for the cement sector, driven by the decline in global oil prices,” brokerage house Topline Securities stated in its post-market report.
Cements, bank, and fertiliser sectors remained in the limelight, as LUCK, EFERT, MLCF, CHCC, and HBL, made a positive contribution by adding 139 points. However, HUBC, POL, and PPL collectively lost 61 points, the brokerage house said.
On Wednesday, the KSE-100 Index had closed above 47,000 level after five weeks, mainly on banking sector’s strength.
In four sessions so far this week, the KSE-100 has cumulatively gained over 1,200 points.
The increase can be attributed to multiple factors, including slight reduction in petroleum prices in the last review, an optimism for better earnings next week, and rupee’s consistent recovery against the US dollar.
The Pakistani maintained its upward trajectory against the US dollar, gaining 0.37% in the inter-bank market on Thursday. As per the State Bank of Pakistan, the rupee settled at 283.62 after an increase of Rs1.06 in the inter-bank market.
This was the rupee’s 21st successive increase against the greenback.
Volumes on the all-share index increased to 462.8 million from 330.2 million on Wednesday.
The value of shares rose to Rs8.9 billion from Rs7.3 billion in the previous session.
WorldCall Telecom remained the volume leader with 190.1 million shares, followed by K-Electric Ltd. with 52.2 million shares and Maple Leaf with 21.3 million shares.
Shares of 355 companies were traded on Thursday, of which 238 registered an increase, 91 recorded a fall, and 26 remained unchanged.
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