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PSX adds 635 points over likely inflows

PSX adds 635 points over likely inflows

PSX adds 635 points over likely inflows

PSX adds 635 points over likely inflows

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KARACHI: The Pakistan equity market closed higher on Thursday on the back of improved investors’ activities over the likely financing receipts from friendly countries and multilateral institutions, analysts said.

An analyst at Pearl Securities said that the benchmark KSE-100 showed positive momentum across the board with volume picking up pace as the market closed in the green zone.

“Pakistan will receive $500 million from the Asian Infrastructure Investment Bank (AIIB). The World Bank will restructure Pakistan Hydromet and Climate Services Project (PHCSP) worth $188 million, by mid of the current month which also boosted the positive sentiments at the bourse,” he added.

The Pakistan Stock Exchange KSE-100 shares Index gained 635.91 points, or 1.50 per cent to close at 42,901.27 points. The KSE-30 shares Index gained 283.40 points, or 1.84 per cent to close at 15,660.99 points.

Ahsan Mehanti at Arif Habib Corp said that the stocks showed strong recovery as investors weighed rupee recovery and speculations over the likely $10 billion deals during the visit of Saudi Arabian Crown Prince next week, besides packages from China and Saudi Arabia.

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“The likely revival of the China-Pakistan Economic Corridor (CPEC) and the finance minister’s assurance of $500 million from the AIIB this month played a catalyst role in the bullish activity,” he added.

Going forward, the analysts expect the market to perform well on the economic front. Hence, suggesting investors adopt the “Buy on Dip” strategy in the upcoming sessions.

As many as 362 scrips were active of which 235 advanced, 104 declined and 23 remained unchanged.

The ready market volumes stood at 293.90 million shares, compared with the turnover of 237.35 million shares in the last trading session.

The companies which reflected the highest gains included Sanofi-Aventis up Rs61.99 to close at Rs1,089.99/share, and Ismail Industries up Rs31.76 to close at Rs455.26/share.

The companies which reflected the most losses included Rafhan Maize down Rs575.99 to close at Rs10,000.01/share, and Allawasaya Textile down Rs230.47 to close at Rs2,842.56/share.

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The highest volumes were witnessed in Hascol Petrol with a turnover of 41.55 million shares. The scrip shed 19 paisas to close at Rs7.68/share, followed by Bank Al-Falah with a turnover of 21.31 million shares. It gained Rs2.39 to close at Rs34.26/share. WorldCall Telecom remained the third with a turnover of 16.11 million shares. It gained 2 paisas to close at Rs1.59/share.

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