The Pakistan Stock Exchange (PSX) witnessed a positive session on Monday and the KSE-100 Index inched 0.76% higher amid optimism over budget measures.
The government of Pakistan is set to announce the budget for fiscal year 2023-24 on Friday (June 9), and investors remained cautious ahead of the unveiling.
The KSE-100 index closed the trading session at 41,667.94, an increase of 314.96 points or 0.76%.
KSE-100 rises marginally as economic instability caps gains
Trading began with a jump, but the market traded flat for most part of the session. Buying activity towards the end of the session accelerated the gains.
Automobile, fertiliser and banking sectors closed mixed while cement closed with a loss. Oil and chemical ended the day in the green.
Buying activity in oil sector was driven by the decision of Organization of the Petroleum Exporting Countries (OPEC) and allies to extend output cuts.
A report from Arif Habib Limited stated that a positive session was recorded at the PSX to mark the start of the week.
“The benchmark KSE-100 index opened with optimistic sentiments after whispers about the positive advancements on the budgetary reforms for the financial year,” it said. “Investors participation remained active across the board while the OMCs and E&Ps sectors remained in the limelight.”
A report from Capital Stake underlined that bulls gained control of PSX on Monday.
“Indices accumulated gains all day long while volumes surged from previous close,” it said.
Sectors lifting the benchmark KSE-100 index higher included, oil and gas exploration (174.98 points), oil and gas marketing (77.47 points) and power generation and distribution (30.17 points).
Volume on the all-share index soared to 145.2 million from 99.55 million on Friday, while the value of shares traded jumped to Rs4.7 billion from Rs3.3 billion recorded in the previous session.
WorldCall Telecom was the volume leader with 16.8 million shares followed by Sui Northern Gas Pipelines Limited with 9.75million shares and Pakistan Petroleum with 9.4 million shares.
Shares of 321 companies were traded on Friday, of which 183 registered an increase, 107 recorded a fall and 31 remained unchanged.