Daily Times

The Pakistan Stock Exchange (PSX) saw a lift in investor sentiment as the KSE-100 index jumped more than 300 points and the volume and value of shares traded increased from the previous session.

The KSE-100 had risen by 656.03 points to an intra-day high of 40,626.75 on Thursday. However, the benchmark index ended the day at 40,276.64, up 304 points, or 0.76pc. According to a post-market commentary from Topline Securities, “a couple of business announcements with high er effective tax together with below street expectation payout put pressure on the benchmark index.”

Uncertain economic conditions kept investors away from the KSE-100 index on Wednesday, which closed at 39,972.64 with a gain of 78.59 points or 0.20pc. The International Monetary Fund’s announcements could have a favourable impact on sentiment in the days to come, says the analyst (IMF). The US Federal Reserve, on the other hand, hiked the policy rate by 75 basis points in a bid to rein in the most violent inflation breakout since the 1980s. There has been a good reaction domestically as well as internationally following the Fed rate move. This week’s inter-bank market closing rate for the Pakistani rupee against the US dollar stood at 239.94 per dollar. A combined profit after tax (PAT) of Rs12.1b was reported by HBL on Thursday. Banking (158.01 points), technology and communication (96.16 points), and oil and gas marketing were among the KSE-100’s strongest gainers (61.01 points). On Wednesday, the all-share index volume was 121.58m, but on Thursday it was 251.27m. Shares traded rose to Rs9.35b in value compared to Rs4.15b in the previous day’s trading. TPL Properties Limited came in second with 20.38m shares, while Lotte Chemical came in third with 16.95m shares. On Thursday, shares of 344 different firms were traded, with 215 of them rising, 104 falling, and 25 remaining constant.