The Pakistan Stock Exchange (PSX) witnessed a bullish trend on Wednesday with the benchmark KSE-100 index gaining 297 points while the volume recorded a decline from the previous session.
Accumulating 387.45 points, the benchmark index recorded an intra-day high of 45,459.83 and remained positive throughout the session.
The benchmark KSE-100 Index on Wednesday closed with a gain of 296.76 points or 0.66% to 45,369.14 points.
"Investors cheered lower international commodity prices and yesterday's smooth MSCI related trades," said Topline Securities in its post-market update.
KSE-100 down 258 points as volumes increase at PSX
Meanwhile, AKD Securities in its latest report stated: “Global commodity prices are in a downward spiral as COVID's new variant, Omicron, threatens global economic growth outlook with TRJ Commodity Index down 4.5% in the past 15 days—providing much-needed confidence in Pakistan’s macro outlook.
“Moreover, with IMF-related uncertainty largely behind and MSCI-related re-balancing complete, these developments could act as a catalyst for the index gaining upward momentum with yearend phenomena carrying the Index forward.
“That said, Nov’21 inflation at 11.53%YoY with signs of higher inflationary readings in coming months would keep investors on toes with regards to the pace of monetary adjustments in our view.”
On the economic front, Pakistan’s exports during November 2021 jumped by 33% YoY to a historic monthly high of $2.903 billion as compared to $2.174bn during the corresponding period last year.
Meanwhile, the Federal Board of Revenue (FBR) collected net revenue of Rs. 2,314 billion during July-November of the current financial year, which shows a growth of about 36.5 % when compared to the same period last year. The FBR had collected Rs. 1,695 billion during the corresponding period last year.
On Wednesday, sectors driving the benchmark index upwards included cement (125.38 points), banking (77.95 points), and fertilizer (36.79 points).
Against USD: Pakistan's rupee sees back-to-back gains
Volume on the all-share index decreased significantly from 411.46 million on Tuesday to 241.07 million on Wednesday. The value of shares also declined, amounting to Rs9.22 billion, down from Rs34.82 billion on Tuesday.
Fauji Foods Limited was the volume leader with 38.34 million shares, followed by Fauji Foods (R) with 37.06 million shares, and TPL Properties XB at 14.85 million shares.
Shares of 337 companies were traded on Wednesday, of which 209 registered an increase, 108 recorded a fall, and 20 remained unchanged.
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