The KSE-100 maintained its winning ways on Thursday, as another bullish day on the Pakistan Stock Exchange (PSX) was recorded, with lowering oil prices assisting the benchmark index to gain 591 points.
The index began the day on a strong note and remained in the green zone throughout the day, as bullish optimism prevailed, driving the index close to the 45,000-point mark in the final hour of trading.
At the close of business on Thursday, the KSE-100 had gained 591.27 points, or 1.33 percent, to finish at 44,928.83 points, an increase of 1.33 percent.
According to Arif Habib Limited’s post-market note, “investors appear to be positive due to a fall in worldwide oil prices and the prospect of future good financial results in cement stocks.” “On the other hand, activity in third-tier stocks remained solid,” the report continued.
According to AHL, the benchmark index ended the month up 468 points, or 1.1 percent month on month (MoM).
Low volumes persisted throughout the month, with the average daily figure during March coming in at 206 million shares, representing a 9 percent decrease month over month and the lowest average volume since June 2020, according to the Index. It is also worth mentioning that the average daily traded value dropped by 16 percent to $35 million.
When it comes to the economy, Moody’s rated the no-confidence motion against Prime Minister Imran Khan as a credit negative because it “raises significant uncertainty about policy continuity, the government’s ability to continue implementing reforms to increase productivity growth and secure external financing, including from the International Monetary Fund (IMF),” according to the rating agency.
On the corporate front, Highnoon Laboratories announced in a notification that it is in the midst of constructing a grid-tied solar system to offer clean and efficient energy that is good for the environment while also decreasing energy costs and dependency on the power grid, among other benefits.
Technology and communication (122.90 points), fertilizer (93.42 points), and finance were among the sectors that helped to turn the benchmark index green in the first quarter (62.39 points).
Volume on the all-share index climbed sharply on Wednesday, rising to 415.63 million shares from 344.14 million shares the previous day. The value of shares traded increased to Rs9.68 billion from Rs7.78 billion in the previous session, indicating increase in inactivity.
K-Electric Limited was the company with the most shares traded, with 56.07 million shares, followed by Treet Corporation with 34.45 million shares and TeleCard Limited with 27.29 million shares, all of which were traded on the same day.
On Thursday, shares in 362 businesses were traded, with 273 companies reporting gains, 75 companies reporting losses, and 14 companies reporting no change.