Karachi: Pakistan Stock Exchange (PSX) and KSE-100 Index rose 0.28 percent on back of alleviation of political tensions and encouraging financial results. Government and Pakistan Tehreek-e-Insaf began negotiations , raising expectations of resolution of prolonged political crisis.

By end of session, KSE-100 Index rose 116.94 points or 0.28 percent to close at 41,580.85 points. Trading began upward and market ended first session with modest increase. Selling pressure gripped market in second half of day and erased few of gains. Banking sector saw massive buying activity but chemical and cement spaces remained mixed. On other hand, automobile segment saw substantial divestment.

Sectors driving benchmark KSE-100 index forward included banking (69.20 points), pharmaceutical (39.97 points) and chemical (17.80 points). Volume on all-share index fell to 169.1 million from 186.9 million past day while value of shares traded increased to Rs 6.25 billion from Rs 5.78 billion recorded in previous session. Cnergyico PK was volume leader with 23.2 million shares followed by Pak Refinery with 22.2 million shares and Silk Bank with 21.8 million shares. Shares of 337 companies were traded of which 165 registered an increase, 154 recorded fall and 18 remained unchanged.

Report from Capital Stake stated, “Indices traded in green all day long while volumes surged from last close. Lack of political tension and ongoing result season helped retain investors’ interest in market.”

Published in The Daily National Courier, April, 29 2023

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