The Pakistan Stock Exchange (PSX) benchmark KSE-100 Index extended gains for the eighth straight session on Wednesday, adding another 334 points during the day amid talks of a significant hike in gas tariff.
The KSE-100 carried forward the bullish momentum, hitting an intra-day high of 48,516.64.
At close, the benchmark index settled at 48,474.54, up by 334.26 points or 0.69%.
“The day’s gain can be attributed to investors’ buying interest in energy stocks on expectation of the gas tariff hike, which may be announced in the ongoing week,” brokerage house Topline Securities stated in its post-market report.
During the day, power, E&P and fertiliser sectors contributed positively to the index where HUBC, FFC, ENGRO, PPL & EFERT added 199 points, cumulatively. On the flip side, TRG, CHCC and BAHL witnessed some profit taking as they lost 24 points collectively, the brokerage house said.
It was the eighth consecutive positive close for the KSE-100 Index.
On Tuesday, the KSE-100 had gained 418.48 points to close above 48,000 after seven weeks.
Meanwhile, the Pakistani rupee maintained its grip against the US dollar, as it gained another 0.36% in the inter-bank market on Wednesday. As per the State Bank of Pakistan, the rupee settled at 279.51 after an increase of Re1 in the inter-bank market.
This was the rupee’s 25th successive appreciation against the greenback.
Volumes on the all-share index increased to 396.45 million from 350.06 million on Wednesday.
The value of shares was recorded at Rs10.53 billion from Rs10.76 billion in the previous session.
K-Electric Ltd. remained the volume leader with 145.1 million shares, followed by Pak Refinery with 18.1 million shares and Unity Foods Ltd with 15.9 million shares.
Shares of 364 companies were traded on Wednesday, of which 195 registered an increase, 143 recorded a fall, and 26 remained unchanged.
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