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PSX adds 386 points over positive sentiments

PSX adds 386 points over positive sentiments

PSX adds 386 points over positive sentiments

PSX adds 386 points over positive sentiments

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KARACHI: The Pakistan equity market closed in the green territory on Wednesday, owing to positive sentiments over a reduction in the trade deficit and the likely exit of Pakistan from the Financial Action Task Force (FATF) grey list.

An analyst at Pearl Securities said that the trade deficit declined 19.17 per cent on a month-on-month basis to reach $2.9 billion in September and declined 30.16 per cent on a yearly basis from $4.15 billion in the same month of last year.

“The rupee continues to weaken against the dollar on account of high demand for the greenback. The finance minister has shown optimism in his latest interviews regarding meetings with the International Monetary Fund (IMF) and the recovery of the rupee,” he added.

“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,” he concluded.

The Pakistan Stock Exchange KSE-100 shares Index gained 386.78 points, or 0.92 per cent to close at 42,226.05 points. The KSE-30 shares Index gained 115.36 points, or 0.75 per cent to close at 15,541.37 points.

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An analyst at Arif Habib Limited said that a positive session was witnessed at the bourse, where the market traded in the green zone throughout the day as the trade deficit of Pakistan witnessed a sharp decline.

“The investors’ participation remained active in the mainboard, whereas the third tier stocks continued to remain as volume-board leaders,” he added.

As many as 342 scrips were active of which 203 advanced, 115 declined and 24 remained unchanged.
The ready market volumes stood at 250.26 million shares, compared with the turnover of 190.31 million shares in the last trading session.

The companies which reflected the highest gains included Nestle Pakistan up Rs150 to close at Rs6,000/share, and Pak Tobacco up Rs57.09 to close at Rs818.32/share.

The companies which reflected the most losses included Rafhan Maize down Rs200.67 to close at Rs10,799.33/share, and Sapphire Fiber down Rs83.35 to close at Rs1,075.01/share.

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The highest volumes were witnessed in G3 Technologies with a turnover of 22.37 million shares. The scrip gained Re1 to close at Rs10.08/share, followed by WorldCall Telecom with a turnover of 21.17 million shares. It gained 2 paisas to close at Rs1.59/share. G3 TechClassB remained the third with a turnover of 14.8 million shares. It gained 56 paisas to close at Rs1.96/share.

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