KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) gained 287 points amid volatile trading sessions.
The index ended 38,792 points from previous day’s ending of 38,505 points, gaining 287 points.
Analysts at Topline Securities said that Pakistan equities today witnessed a volatile session where the index traded in wide range of 37,897-38,826 (929 points) as investors anxiously await Pakistan’s entry into IMF program.
Further, with IMF’s downward revision of Pakistan’s key economic indicators in its recent World Economic outlook (WEO) report, investors became skeptical about corporate earnings going forward. This led cyclical sectors like Autos to drag index down by 32 points.
Later in the second half, financial sector led the rally where the benchmark index closed with +287 points (or 0.75 percent) with MCB and UBL +3 percent and +4 percent respectively.
Autos continued to remain under pressure where INDU, PSMC and HCAR closed down 4.8 percent, 5 percent and 3.3 percent, respectively as condition of being a filer to purchase new vehicles took its toll on the sector.
Overall, volumes witnessed decline of 11 percent vs. last day while value fell 27 percent. Among sectors, technology remained top traded with volumetric activity of 35 million shares, followed by chemicals 27 million shares and cements 23 million shares.