Pakistan equities closed Wednesday positive with benchmark KSE-100 Index gaining 636 points, closing at 38,965 levels, up 1.7 percent.
The local bourse made a high of +652 points. International Monetary Fund (IMF) deal is round the corner where possible actions and implications expected to take place. Moreover, State Bank of Pakistan (SBP) is going to announce the monetary policy for next two months on the 29th of March.
An equity analyst at Trust Securities said the benchmark KSE-100 index opened Wednesday’s trading session 52 points in the “green zone” and went on to make a high of 651 points taking the index to a level of 38,981, Unlike the past few trading sessions the market maintained its position in the “green zone” throughout the trading session and went on to make new highs from time to time ,and as the trading session came to an end the index lost a small amount in points from the achieved high and went on to close off at a level of 38,965(635points) in the “green”. Overall investor involvement was excessively high as compared to the previous trading session, reaching a total volume 227 million.
Value buying was witnessed in the Cement sector after the stocks were oversold; DG Khan Cement (DGKC) gaining 5 percent and Maple Leaf Cement (MLCF) gaining 5 percent closed in the upper limit while Lucky Cement gaining 3.9 percent closed near limit up.
Mixed sentiment was seen in the Financials where Habib Bank Limited (HBL) and MCB Bank closed in the red zone while United Bank Limited (UBL) closed in the green.
Pakistan Petroleum Limited (PPL) and Oil Gas Development Company (OGDC) from the Exploration and Productions (E&Ps) closed positive on the back of the reports regarding news of massive reserve in the deep sea.
Moreover UNITY (+0.97 rupee) closed limit up and also was the volume leader as it exercised its rights share today.
PPL (+3.0%), OGDC (+1.6%), ENGRO (+1.8%), FFC (+1.1%), HUBC (+0.2%), UBL (+2.5%), BAHL (+1.3%), POL (+0.7%) and LUCK (+3.9%) cumulatively contributed +263 points to the closing.
Daily traded value shot up 74 percent to $44 million while volume stood at 229 million shares, up 165 percent. Furthermore, major contribution to total market volume came from UNITYR1 (51.1%), WTL (+2.8%), KEL (+3.1%), BOP (+1.2%) and UNITY (+8.4%).