After a four-day break on account of Ashura Muharram, the Pakistan Stock Exchange (PSX) started on a positive note on Wednesday, as the benchmark KSE-100 index gained more than 600 points in the early day trading.
At around 10:37 am, the KSE-100 index was at 42,738.32, up by 1.53 percent compared to the previous close of 42,096.
So far, oil & gas exploration companies, commercial banks, fertilizers, and chemical sectors witnessed higher buying activity with a gain of 144.19, 143.40, 83.75, and 43.09 points, respectively.
Scrip-wise, PPL, ENGRO, OGDC, HBL, and LOTCHEM have gained maximum points.
The stock market seems to have regained investors’ faith as it continues its upward flight after crashing to below 39,000.
Last week, the United Arab Emirates (UAE) expressed intentions to invest $1 billion in Pakistani companies in various economic and investment sectors.
According to a report published in the Emirates News Agency, the development aims to explore new investment opportunities and areas for cooperation in projects across various sectors so as to expand bilateral economic relations in the best interest of Pakistan and the UAE.
On the last working day of previous week on Friday, the bulls maintained their grip on the PSX for the fourth consecutive session and the KSE-100 index powered past the 42,000-point mark.
The KSE-100 index closed at 42,096.24 points with an increase of 670.87 points or 1.62 percent.
A report from Arif Habib Limited noted that bulls triumphed in the trading session on Friday. In the first trading session, the KSE-100 index remained in the green zone as value buying was witnessed across the board.
The brokerage house noted that in the second session, investors gained confidence due to positive news flows regarding the IMF programme resumption as the Pakistani rupee further appreciated against the US dollar.