PSX continues to flourish amid improved investor confidence

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  • KSE 100 index gains 155 points, closes in green for the fourth consecutive session

KARACHI: Optimism in the market continued for the fourth consecutive session, as the Pakistan Stock Exchange (PSX) kept accumulating gains all day long on Wednesday.

The agreement of $3 billion bailout package between Pakistan and the United Arab Emirates (UAE) improved the investor confidence, as volumes surged significantly. Foreign investors continued off-loading with a total outflow of $0.64 million.

Passing the 40,000-mark, KSE 100 index benchmark touched its intraday high of 40,198.28 after accumulating 296.07 points in the morning session. It finally settled higher by 155.64 points at 40,057.85. The KMI 30 index gained 154 points and ended at 67,166.68 points, while KSE All Share index closed positive at 29,341.34 after gathering 102.94 points. The advancers to decliners ratio stood at 190 to 231.

Trading volumes jumped from 136.80 million in the preceding session to 178.99 million. Maintaining its position among volume leaders, K-Electric Limited (KEL -0.15pc) led the volume chart with 14.98 million shares exchanging hands, followed by The Bank of Punjab (BOP +0.92pc) and TRG Pakistan Limited (TRG +1.23pc). The scripts had traded 13.76 million and 11.01 million shares respectively.

The transport sector (+4.32pc), tobacco sector (+2.80pc), automobile assembler sector (+2.47pc), automobile parts and accessories sector (+2.28pc) and close-end mutual fund sector (+1.95pc) ended as major gainers. On the other hand, woolen sector (-2.27pc), vanaspati and allied industries sector (-1.85pc) and jute sector (-1.70pc) closed the session as losers.

The oil and gas exploration sector gathered 0.09pc in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC +0.57pc) and Mari Petroleum Company Limited (MARI +0.11pc) closed slightly positive, while Pakistan Oilfields Limited (POL -0.39pc) and Pak Petroleum Limited (PPL -0.50pc) settled on the lower side.

The automobile assembler sector gained +2.47pc in its total market capitalization on hopes that the mini-budget will bring some relief for automobile sector. It was anticipated that the ban on non-filers to buy cars might be lifted. Honda Atlas Cars (Pakistan) Limited (HCAR +5.00pc) and Pakistan Suzuki Motors Company Limited (PSMC +5.00pc) touched their upper-circuit breakers, while Indus Motor Company Limited (INDU +2.91pc), Atlas Honda Limited (ATLH +1.76pc) and Millat Tractors Limited (MTL +2.69pc) all ended positively.