KARACHI: On Wednesday, the Pakistan Stock Exchange (PSX) crossed the 42,000 mark after gaining 362.11 points. The stock market closed at 42,027.38 points after witnessing some buying on the institutional level from mutual funds, while the cement sector also supported the market.
The Karachi Share Index (KSE-100) went up by 362.11 points (0.87 per cent) after closing at 42,027.38 compared to the previous closing of 41,665.27 points. The market went up 42,074.11 points during intra-day trading, while recorded as low as 41,665.27 points.
Trading volume was recorded to have slightly decreased to 478.8 million shares today as compared to 489.6 million traded in the previous session, according to PSX website data. The daily traded value increased to Rs 20.406 billion from Rs 19.484 billion in the previous session, the data said. The analysts believed that some institutional buying supported the market today. The previous session’s momentum of the market was maintained and finally, the market crossed the 42,000 index level.
Furthermore, the analyst said that cement sector led the Index on the back of an increase in Cement price/bag in North Region, which coincided with brisk buying activity in small and mid-caps in Autos, Chemical, Steel, Refinery and Miscellaneous sectors that pulled the index with 409 points.
The US Dollar also strengthened against the Pak Rupee, which gained almost 50-55 paisas in the interbank market, the analyst claimed. International crude oil prices also started recovering on the news of the UK announcing expeditious delivery of the vaccine.
Stocks that contributed significantly to the volumes include UNITY, TRG, PRL, MLCF and HUMNL, which formed 36% of total volumes.
Stocks that contributed positively to the index include BAHL (+42pts), TRG (+41pts), MTL (+40pts), HUBC (+24pts) and LUCK (+23pts). Stocks that contributed negatively include PPL (-14pts), PKGS (-5pts), HBL (-4pts), EFUG (-3pts) and KTML (-3pts).