KARACHI: The KSE-100 ended positive for the second successive session on the back of Pakistan’s commitment to a 26-point plan submitted to evade FATF’s blacklist.
Reports of the tax amnesty scheme receiving a good response aided investor sentiment that helped the index inch past the 41,700-point mark.
The market kicked off positive with index-heavy automobiles, pharmaceuticals, chemicals and fertiliser aiding the rise.
At close, the benchmark KSE 100-share Index recorded an increase of 471.9 points or 1.14% to settle at 41,717.99.
JS Global’s Danish Ladhani said the index kicked off on a positive note, hitting an intra-day high of 41,817.
“Major heavyweights namely, PPL (+3.15%), OGDC (0.57%), ENGRO (+1.41%), UBL (0.39%), POL (+2.28%) FFC (+3.04%), HUBC (+0.55%) and LUCK (+2.41%) cumulatively contributed 222 points,” said Ladhani.
“Traded volumes increased by 31% day-on-day, while value traded increased to $72 million. Moving forward, the market is expected to remain positive with flows from local and foreign institutions guiding direction.”
On the other hand, Topline Securities, in its post-market comment, stated that a cumulative gain of 740 points has been achieved in two days following a near 7% drop.
The report attributed the increase primarily to the attractive valuation levels while expectation of strong inflows from the amnesty scheme also helping support market sentiment.
Overall, trading volumes increased to 235.5 million shares compared with Tuesday’s tally of 179.77 million. The value of shares traded during the day was Rs8.75 billion.
Shares of 382 companies were traded. At the end of the day, 247 stocks closed higher, 115 declined while 20 remained unchanged.
Power Cement was the volume leader with 45.6 million shares, losing Rs0.04 to close at Rs8.35. It was followed by Silk Bank Ltd with 11.39 million shares, losing Rs0.04 to close at Rs1.15 and Bank of Punjab with 9.9 million shares, gaining Rs0.11 to close at Rs12.23.
Foreign institutional investors were net sellers of Rs568.9 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.