Karachi: Pakistan Stock Exchange (PSX) KSE-100 index witnessed bullish session and benchmark KSE-100 index crossed 40,000 level once again after reports that UAE will confirm funding of $ 1 billion for Pakistan. Stock market rose as funding is vital to pave way for resumption of International Monetary Fund (IMF) programme for Pakistan. By end of session, KSE-100 Index rose 321.34 points or 0.81 percent to close at 40,126.05 level. Index heavy automobile, cement, fertiliser, banking and oil sectors closed with gains. Across-the-board buying was witnessed with index-heavy sectors including, automobile, cement, chemical, commercial banks, pharmaceuticals and refinery trading in green.

Volume on all-share index rose to 79.8 million from 59.7 million on Tuesday while value of shares traded surged to Rs 2.6 billion from Rs 1.4 billion recorded in previous session. K-Electric Limited was volume leader with 8.4 million shares followed by WorldCall Telecom with 4.1 million shares and Pakistan Petroleum with 3.8 million shares. Shares of 328 companies were traded on Wednesday of which 172 registered an increase, 134 recorded fall and 22 remained unchanged.

Report from Arif Habib Limited stated, “KSE-100 index opened in green and continued to trade with positive sentiments throughout trading session, reaching an intraday high of 368.05 points due to media reports suggesting UAE’s written assurance to IMF to provide $ 1 billion to Pakistan”.

Published in The Daily National Courier, April, 13 2023

Like Business on Facebook, follow @DailyNCourier on Twitter to stay informed and join in the conversation.