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Sunday 2nd October 2022 / 6 Rabiulawal 1444

Bullish trend in PSX as KSE-100 gains over 800 points

KARACHI: Pakistan Stock Exchange (PSX) on Monday witnessed a bullish trend across the day and as a result, the benchmark KSE-100 index closed at 41,878.57, up 826.78 points or 2.01pc from the previous close of 41,051.79.

Analysts attributed the rally to expected good news from the International Monetary Fund (IMF).

According to the PSX website, the bourse witnessed an increase of over 450 points by 9:45 am. At 10:40 am, the index had reached 41,734.31 points, up 683 points, or 1.66 percent.

The benchmark index closed at 41,878.57, up 826.78 points or 2.01pc from the previous close of 41,051.79.

The rally came after the index crashed on Friday, losing over 2,000 points, or 4.8pc, in the morning session following the government’s announcement of a 10pc “super tax” on large-scale industries including cement, steel, sugar, oil and gas, fertilizers, LNG terminals, textile, banking, automobile, chemicals, beverages, and cigarettes.

Sectors contributing to the performance included banks (+182.2 points), fertilizer (+96.9 points), cement (+93.3 points), technology (+85 points), and exploration and production (+80.7 points).

Shares of 333 companies were traded during the session. At the close of trading, 228 scrips closed in the green, 90 in the red, and 15 remained unchanged.

Overall trading volumes plunged to 247.9 million shares compared with Friday’s tally of 247.9 million. The value of shares traded during the day was Rs7.37 billion.

K-Electric was the volume leader with 32.04 million shares traded, gaining Rs0.23 to close at Rs3.09. It was followed by Treet Corporation with 19.92 million shares traded, gaining Rs1.56 to close at Rs30.12, and Unity Foods with 14.42 million shares traded, gaining Rs0.24 to close at Rs20.49. 

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