The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index regained the 75,000 level on Thursday as the index managed to post modest gains amid cautious trading.
The index swayed both ways during trading before closing in the green.
At close, the benchmark index settled at 75,114.47, up by 157.8 points or 0.21%.
After touching record highs in recent weeks, the market has turned in a cautious performance as investors look for fresh positive triggers ahead of the monetary policy meeting and budget announcement.
“Positive sentiments brewed at the PSX. Indices oscillated between both directions until finally closing in green. Volume rose compared to the preceding day,” brokerage house Capital Stake said in its post-market report.
Sectors driving the KSE 100 forward included power generation and distribution (+101.58pts), oil and gas exploration (+78.36pts), and oil and gas marketing (+20.99pts), the brokerage house said.
On Wednesday, the KSE-100 closed below 75,000 as the index faced some late-session profit-taking to lose over 250 points.
In a key development, Prime Minister Shehbaz Sharif arrived on Thursday in the United Arab Emirates (UAE) on a day-long visit with reports suggesting that investment in Pakistan will be high on his agenda.
This is the premier’s first visit to the UAE since the election in February this year. The PM is accompanied by a high-level delegation comprising key ministers of the cabinet.
Addressing the Pakistani and UAE business persons and investors later, the prime minister said he sought collaborations between the two friendly countries.
“Today, I am here in this great brotherly country not to seek loans, but collaboration and investment, which has mutual benefit for the investors,” he said.
Several key Asian share benchmarks fell on Thursday as markets digested the implications of policymakers in major economies preferring to take patient approach to monetary easing amid sticky inflation.
Meanwhile, the Pakistani rupee registered a marginal gain against the US dollar, appreciating 0.06% in the inter-bank market on Thursday. At close, the local unit settled at 278.30, a gain of Re0.17 against the greenback, as per the State Bank of Pakistan.
Volume on the all-share index increased to 758.94 million from 584.48 million a session ago.
The value of shares declined to Rs16.71 billion from Rs17.71 billion in the previous session.
K-Electric Ltd was the volume leader with 191.62 million shares, followed by WorldCall Telecom with 94.78 million shares, and Symmetry Group Ltd with 47.72 million shares.
Shares of 376 companies were traded on Thursday, of which 192 registered an increase, 156 recorded a fall, while 28 remained unchanged.
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