KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) gained 586 points on Wednesday as market responded positively to statement of the finance minister related to balance of payment problem.
The index closed at 41,543 points against 40,958 points showing an increase of 586 points.
Analysts at Arif Habib Limited said that the market opened on a positive note today with 368 points and quickly paced higher.
The optimism came from Finance Minister’s statement that conveyed resolution of BOP crisis and adequate funds being promised by China to resolve the issue.
Steel, Cement, and Banking sectors performed particularly well and despite lower international crude prices, buying interest was observed in OGDC and PPL.
Another trigger that kept the index in a fix for a while was ECC meeting, whereby the agenda included discussion on price of Cement/bag.
Cement Sector stocks saw selling pressure but resumed robust buying activity in a while. Sectors that led the index today were Chemical and Banks, where both registered +40M traded volume each.
Sectors contributing to the performance include Cement (+131 points), Banks (+127 points), E&P (+90 points), Fertilizer (+77 points), O&GMCs (+39 points).
Volumes jumped from 230mn shares to 277 million shares (+20 percent DoD). Average traded value showed a meagre increase of 14 percent to reach US$ 83 million as against US$ 73 million.
Stocks that contributed significantly to the volumes include BOP, LOTCHEM, PAEL, EPCL and TRG reflecting 34 percent of total volumes.