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KARACHI: On the first day of the new year, the Pakistan Stock Exchange (PSX) kicked off with a positive start as the benchmark KSE-100 index registered a gain of 0.65%, while both volume and value of shares traded declined on a day-to-day basis.
The KSE-100 Index remained in the green for almost the entire session, registering its intraday high at 44,905.35. The index found resistance near the 45,000-point level, but still managed to close with a gain of 291 points.
At close, the benchmark KSE-100 index finished with an increase of 290.82 points or 0.65 percent to end at 44,886.89. Bullish trend in the market is due to the tabling of mini-budget in the National Assembly.
The sales tax exemptions worth Rs343b have been withdrawn to meet the International Monetary Fund’s (IMF) prior action target. This has renewed the hope that the next tranche of $1b will be released soon
Sectors driving the benchmark index upwards included fertiliser (54.58 points), cement (52.95 points), and technology & communications (49.22 points).
Volume decreased, clocking in at 195.16 million on the all-share index, down from 317.65 million on Friday. The value of shares increased marginally to Rs10.83 billion, up from Rs10.34 billion.
Pakistan International Bulk Terminal was the volume leader with 12.58 million shares, followed by TPL Properties with 11.09 million shares, and Ghani Global Holdings with 10.81 million shares.
Shares of 362 companies were traded on Monday, of which 212 registered an increase, 137 recorded a fall, and 13 remained unchanged.
