PSX adds 260 points over upbeat economic data

• The Pakistan Stock Exchange KSE-100 shares Index gained 260.99 points.
• WorldCall Telecom (WTL) remained in limelight with almost half the volumes.
• The stocks traded higher led by oil and cement scrips on strong valuations.

KARACHI: The benchmark KSE-100 Index of the Pakistan Stock Exchange continued its uptrend, recording healthy volumes to stay in the green territory on Wednesday, analysts said.

An analyst at Pearl Securities said the markets have shown confidence in the new finance team to steer Pakistan out of turbulent economic waters.

“The government’s economic consolidation plan is showing results as the trade deficit declined 20 per cent to clock-in at $2.88 billion in September. The local currency continues to appreciate against the dollar,” he added.

WorldCall Telecom (WTL) remained in limelight with almost half the volumes on the back of potential listing of its parent company WSL on the NASDAQ.

“Going forward, we expect the market to continue the uptrend. Hence, we recommend our investors adopt the “Buy on Dip” strategy in the upcoming sessions,” the analyst said.

The Pakistan Stock Exchange KSE-100 shares Index gained 260.99 points, or 0.63 per cent to close at 41,611.42 points. The KSE-30 shares Index gained 126.85 points, or 0.82 per cent, to close at 15,604.36 points.

Ahsan Mehanti at Arif Habib Corp said the stocks traded higher led by oil and cement scrips on strong valuations.

“A bull-run in the global equities, speculations over Asian Development Bank (ADB) $1.5 billion loan receipts, shrinking trade deficit and rupee recovery played a catalyst role in the bullish close,” he added.

As many as 351 scrips were active of which 164 advanced, 163 declined and 24 remained unchanged.

The ready market volumes stood at 635.59 million shares, compared with the turnover of 593.43 million shares in the last trading session.

The companies which reflected the highest gains included Rafhan Maize up Rs550 to close at Rs10,350/share, and Unilever Foods up Rs500 to close at Rs25,500/share.

The companies which reflected the most losses included Allawasaya Tex down Rs275.70 to close at Rs3,890/share, and Sanofi-Aventis down Rs89.23 to close at Rs1,108.77/share.

The highest volumes were witnessed in WorldCall Telecom with a turnover of 365.16 million shares. The scrip shed 6 paisas to close at Rs1.57/share, followed by Telecard Limited with a turnover of 23.10 million shares. It gained 55 paisas to close at Rs11.43/share. TRG Pakistan remained the third with a turnover of 21.77 million shares. It gained Rs10.04 to close at Rs143.91/share.

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