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Bulls dominate Pakistan equity market

Bulls dominate Pakistan equity market

Bulls dominate Pakistan equity market

Bulls dominate Pakistan equity market

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  • The benchmark KSE-100 Index closed at 40,801.50 points, up 296.74 points.
  • Technology and communication (+49.7 points), commercial banks (+33.8 points).
  • The volumes increased from 163.9 million shares to 214.3 million shares on Tuesday.
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KARACHI: The bulls took charge at the Pakistan Stock Exchange (PSX) on Tuesday. The benchmark KSE-100 Index closed at 40,801.50 points, up 296.74 points, or 0.73 per cent.

An analyst at Arif Habib Limited said the market opened in the green zone and traded with the positive sentiments throughout the session after the international community pledged $10.7 billion to Pakistan as the much-needed aid for rehabilitation, recovery and reconstruction of the flood-affected areas at an international conference.

“Healthy volumes were recorded across the mainboard. However, the refineries and cement sectors remained in the limelight throughout the day.”

The sectors contributing to the performance included cement (+90 points), technology and communication (+49.7 points), commercial banks (+33.8 points), automobile assembler (+21.2 points) and power generation and distribution (+20.2 points).

Ahsan Mehanti at Arif Habib Corporation said that the stocks showed bullish activity after over $10.7 billion international partners overwhelming pledge for flood losses in donor fundraising in Geneva and hopes for likely positive outcome of the Pakistan-IMF 9th review on economy under the bailout programme.

“Speculations in the earnings season played a catalytic role in the bullish activity.”

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The volumes increased from 163.9 million shares to 214.3 million shares (+17.8 per cent DoD). The average traded value decreased 3.6 per cent to $28.8 million as against $29.8 million.

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