PSX surges as KSE 100 index gains 467 points

KARACHI: The Pakistan Stock Exchange (PSX) surged on Wednesday and continued with a positive trend since the past few days.

The benchmark KSE 100 continued on an upward trajectory as trading resumed. The indices reached its highest point at 34,924.29 points after accumulating 502.37 points but could not cross the 35,000 level before trading was suspended. The bourse eventually closed at 34,889.41 points after a gain of 467.49 points.

The lower bench KSE 30 also surged by 259.50 points (1.75%) and closed at 15,121.75 points. The total volume of scripts also increased to 116.425 million.

The KMI 30 index also appreciated by 1,566.40 points (2.85%) and closed at 56,561.65 points, while the All-Share Index increase by 299.13 points (1.21%0 and closed at 24,959.44 points.

The most active stocks were K-Electric (KEL 8.97%), Hum Network (HUMNL 7.81%), and TRG Pakistan (TRG 7.57%). The firms traded 39.105 milllion, 30.679 million, and 22.952 million shares respectively.

This was followed by Maple Leaf Cement (MLCF 6.08%), DG Khan Cement (DGKC 7.10%) and Pak Elektron (PAEL 4.23%).

The cement sector contributed the most points to KSE 100 index with 182.98 points. followed by Oil and Gas Exploration sector (127.77 points) and Power Generation and Distribution sector (77.47 points).

The cement sector closed as top gainer (+6.36%) following reports that cement prices are expected to rise.

The government has restricted financial institutions from investing in the national savings schemes (NSS) products after July 1.

This move aims to discourage financial institutions across the country from parking funds in the NSS products and divert these investments towards other long-term instruments such as the Pakistan Investment Bonds and stock market.