KARACHI: On Thursday, Pakistan Stock Exchange (PSX) gained 329.07 points following the positive sentiments and institutional buying on the trading floor.
The Karachi Share Index (KSE-100) closed up by 329.07 points (0.76 per cent) after closing at 43,416.77 points against the previous closing of 43,087.70 points. The market went up 43,631.36 points during intra-day trading, while recorded as low as 43,087.70 points.
Trading volume increased to 570.58 million shares today as compared to 378.93 million traded in the previous session, according to PSX website data. The daily traded value increased to Rs 25.513 billion from Rs 17.734 billion in the previous session, the data said.
According to the analyst at AKD Securities, the market was moving up as the institutions bought number of companies shares because of the week-end or year-end. There was no major negative sentiments in the market today.
Picking up from yesterday, the benchmark KSE-100 Index continued to re-rate ahead of the long weekend in line with global markets, the analyst claimed.
On the back of institutional buying and likely active retail participation (total market val/vol up 39/46% DoD). The market was driven by cement sector (likely extension of amnesty to developers and builders), the market analysts claimed.
In term of volumes, the overall market traded 884 million shares where UNITY recorded the highest volumes for the day with 47 million shares traded followed by TRG (37 million shares traded) and MLCF (35 million shares). A major contribution to the index came from TRG (up 7.50%) while MEBL was the biggest drag on the index (down 2.69%).
During the day, Unilever Food gained Rs 945 to close at Rs 13,545 while Rafhan Maize share price went up by Rs 348 to close at Rs 9,350. Meanwhile, Nestle Pakistan lost Rs 37.50 to close at Rs 6,600 and Gillette Pak lost Rs 37.17 to close at Rs 526.08.
