Karachi: Buying spell continued at Pakistan Stock Exchange (PSX) and KSE-100 Index surpassed 42,000-point mark again on back of expected resumption in International Monetary Fund (IMF) deal. KSE-100 index closed trading session at 42,142.71, an increase of 219.25 points or 0.52 percent.

Trading began on mixed note but market began its ascent towards mid-day. Selling spree in final hour eroded some of gains. Index-heavy automobile, cement and oil sectors closed in green while banking space ended in red. On other hand, fertiliser sector closed mixed.

Sectors painting benchmark KSE-100 index in green included, technology and communication (100.89 points), chemical (48.67 points) and oil and gas exploration (36.49 points). Volume on all-share index soared to 332.5 million from 240.8 million on Tuesday while value of shares traded fell to Rs 7.15 billion from Rs 7.2 billion recorded in previous session.

WorldCall Telecom was volume leader with 79.6 million shares followed by Telecard Limited with 16.6 million shares and Pakistan International Bulk Terminal with 15.4 million shares. Shares of 344 companies were traded of which 198 registered an increase, 120 recorded fall and 26 remained unchanged.

Report of Arif Habib Limited stated, “Market opened in green, sustaining previous session’s strong momentum as rumours about continuation of IMF programme, would be finalised in June made headlines.”

“Throughout the day, investors remained active, with the technology and telecom sectors remaining in the spotlight as the prime minister suggested incentives for the sectors in the upcoming budget.”

Report from Capital Stake highlighted, “Indices accumulated gains all day long while volumes surged from last close.”

Published in The Daily National Courier, June, 08 2023

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