Karachi: Pakistan’s stock market opened on a bullish note after a one-day correction yesterday as investors rushed back to secure fresh positions. Market sentiments were high because of positive news about financial support from the Asian Development Bank (ADB) and World Bank for Pakistan.
The Karachi Share Index (KSE-100) gained 219 points (0.48 per cent) after closing at 46,385.54 points against the previous closing of 46,166.05 points. The market went as high as 46,656.87 points during intra-day trading, while recorded as low as 46,166.05 points.
Trading volume inched down to 840.29 million shares today as compared to 844 million traded in the previous session, according to PSX website data. The daily traded value increased to Rs 32.59 billion from Rs 26.22 billion in the previous session, the data said.
The room was created correction in previous session and adjustment in portfolio investments supported recovery of the market today, analysts and traders said. Buying in blue chip stocks after price revaluation with correction yesterday added to the support to the market.
The benchmark KSE-100 Index at the end of first session and Friday mid-day break was at 46,603.13 with 431.03 points up from the previous close. However, there were some intra-day corrections seen in the second session after the break as many of the small and medium strength investors wanted to lighten incitement over the weekly off. The market remained in positive thorough out the day as the favourable news helped market to regain investors’ interest fast, traders and analyst said.
The Asian Development Bank (ADB) will provide about $5.4 billion assistance to Pakistan over the next three years
The indicative resources available for commitment during the first three years of the CPS period (2021-2023) total $5.4bn, said the ADB on Thursday. This include $3.6bn for regular OCR (ordinary capital resource) lending and $1.8bn for concessional OCR lending. On the other hand, Pakistan expects to secure around $12 billion loans from the World Bank Group over a period of five years under a new partnership strategy, which the Washington-based lender may approve by May this year.
The share price of Sapphire Textile increased by Rs 74.49 to Rs 1,091.99 while Pakistan Tobacco gained Rs 69.99 to Rs 1,669.99. On the other hand, Rafan Maize lost Rs 700 today to close at Rs 9,800 while Unilever Foods lost Rs 200 to close at Rs 1,4300.