KARACHI: The Pakistan Stock Exchange (PSX) turned bullish on Wednesday, with the benchmark KSE-100 Index gaining 1,120.15 points or 2.59 per cent, to close at 44,366.86 points.
The market opened on a bullish note, gaining over 700 points at the start of the session, and continued this momentum throughout the session.
It may b recalled that the State Bank of Pakistan (SBP) on Tuesday raised the policy rate by 100 basis points, deciding to keep monetary policy broadly unchanged in the near term. This gave a positive trigger to the market, as investors were expecting up to 150 basis points increase. Moreover, KIBOR rates are also expected to come down as the SBP taking note of the recent increase in secondary market yields termed it unwarranted.
The KSE-100 Index moved in a range of 1,260.76 points, showing an intraday high of 44,507.47 points and a low of 43,246.71 points, the last day closing point.
A total of 383 companies traded shares in the stock exchange, out of them shares of 304 closed up, shares of 70 closed down while shares of 9 companies remained unchanged. Out of 96 traded companies in the KSE-100 Index, 81 closed up, 14 closed down and one remained unchanged.
The overall market volumes increased by 185.74 million to 398.09 million shares. Total volumes traded for the KSE-100 Index increased by 85.77 million shares to 178.35 million shares. The number of total trades increased by 44,220 to 137,959, while the value traded increased by Rs4.88 billion to Rs11.65 billion. Overall market capitalisation increased by Rs190.33 billion.
The major sectors taking the index toward north were cement with 263 points, technology & communication with 196 points, oil & gas exploration companies with 110 points, oil & gas marketing companies with 74 points and chemicals with 62 points. The most points added to the index were by LUCK which contributed 124 points followed by SYS with 91 points, TRG with 81 points, PPL with 60 points and PSO with 50 points.
The major sectors taking the index toward south were commercial banks with 2 points and modarabas with one point. The most points taken off the index were by BAHL which stripped the index of 30 points followed by HUBC with 8 points, HBL with 8 points, MUREB with 5 points and MARI with 3 points.
In a separate development, the PSX signed an exclusive data licensing agreement with the leading exchange operator Deutsche Börse AG for enhancing the depth and coverage of its market data product offerings globally.
According to a statement issued on Wednesday, DBAG – a German company offering marketplace organising for the trading of shares and other securities – would be the exclusive licensor of the PSX market data to all current and prospective international PSX data consumers for an initial term spanning five years.
Starting January 1, 2022, Deutsche Börse will be the sole licensor of the PSX market data for international customers. This data cooperation agreement is a significant step ahead for the PSX, which will allow the Pakistan Stock Exchange to extend its market data reach globally.
With this agreement, the Pakistan bourse will increase its global footprint, with the aim of leveraging Deutsche Börse’s international reach to significantly expand its market data client base and attract foreign investors to participate in the PSX markets.
