The Pakistan Stock Exchange (PSX) saw a return of positive sentiment, as the benchmark KSE-100 Index registered a gain of 0.64% during the trading session on Thursday.
During the day, the index swung between an intra-day low of 40,340.41 (down 72.36 points) and high of 40,856.81 (up 444.04 points). By the end of the trading session, the benchmark index settled 258.11 points or 0.64% higher to close at 40,670.88.
KSE-100 closes 0.24% lower after turbulent session
Chemical, banking, pharmaceuticals and oil and gas exploration companies closed with gains.
Zafar Securities Pvt Limited attributed the bullish trend to Supreme Court's decision on Wednesday. "The Honorable SC's verdict to hold polls in the two provinces in 90 days impacted investor sentiment," it said.
On the economic front, in a post-market development, the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) raised the key interest rate by 300 basis points, taking it to 20%, the highest level since October 1996.
Moreover, the Pakistani rupee settled at 285.09 against the greenback, a decline of 6.66% or Rs18.98 in the inter-bank market.
Sectors driving the benchmark KSE-100 index upwards included oil and gas exploration(143.55 points), banking (125.47 points) and fertiliser sector (91.11 points).
Volume on the all-share index declined to 152 million from 167 million on Wednesday. The value of shares dropped to Rs8.2 billion from Rs9.2 billion recorded in the previous session.
WorldCall Telecom was the volume leader with 12.6 million shares followed by Hub Power Company with 11.2 million shares and Maple Leaf Cement with 7.6 million shares.
Shares of 313 companies were traded on Thursday, of which 108 registered an increase, 182 recorded a fall and 23 remained unchanged.
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