KSE-100 rises 0.68% amid thin trading volumes

The Pakistan Stock Exchange (PSX) witnessed an optimistic session on Tuesday and the KSE-100 Index jumped 0.68% as investors cherry picked stocks throughout the day.

Investors remained hopeful of resumption of the International Monetary Fund (IMF) programme and preferred to assume fresh positions.

By the end of the trading session, the benchmark index was up 276.2 points or 0.68% to close at 40,949.84.

KSE-100 falls over 1% owing to economic uncertainty

Trading began with a spike and the KSE-100 Index remained in the green zone throughout the day. A buying spree towards the end of the session elevated the gains.

Despite the positivity, index-heavy automobile, chemical and banking and fertiliser sectors ended mostly in the red. On the other hand, oil and gas space closed mixed.

A report from Arif Habib Limited stated that PSX witnessed a positive session.

“The benchmark KSE-100 index opened in green and kept hovering in positive zone throughout the trading session reaching an intraday high of 293.07 points, as investors adopted the strategy of value hunting on dips in anticipation of positive outcomes from the ongoing negotiations between the government’s finance team and IMF.”

“Likely approval of refinery policy 2023 in next CCoE meeting this week kept the refineries sector in the limelight while decent volumes were recorded across the board,” the report said.

Capital Stake said in a report that bulls regained control of the PSX on Tuesday. Indices traded in green all day long, whereas volumes inched up from last close.

On the economic front, rupee declined Re0.63 or 0.24% against the US dollar in the inter-bank market to close at 262.51 against dollar.

Sectors lifting the benchmark KSE-100 index higher included technology and communication sector (88.19 points), miscellaneous (60.62 points) and cement (37.44 points).

Volume on the all-share index rose to 96.5 million from 92.7 million on Monday. The value of shares surged to Rs4.6 billion from Rs4.5 billion recorded in the previous session.

TRG Pakistan was the volume leader with 12.96 million shares followed by WorldCall Telecom Company with 12.18 million shares and Hascol with 3.4 million shares.

Shares of 300 companies were traded on Friday, of which 150 registered an increase, 123 recorded a fall and 27 remained unchanged.