KSE-100 index increased by 0.55pc on Wednesday as late session purchasing helped the Pakistan Stock Exchange (PSX) recover. The KSE-100 index finished the day up 240.08 points, or 0.55pc, at 43,676.56 after a volatile trading session.
The market initially surged when trading began, but early selling activity brought it back to a steady state. The market then drifted sideways until the last minute. Last-minute purchasing helped push the index back beyond the 43,500-point threshold, where it had been struggling earlier in the session.
The cement industry saw a positive end to the day, while the car industry and the oil industry also saw significant sell-offs. However, trading activity in the banking industry was a mixed bag.
On Wednesday, the PSX finished the day in the green, according to a report from Capital Stake, marking a 180-degree shift from the previous session. It stated, “Indices swung both ways while volumes increased from the last close.” Analysts say the current results season has helped restore investor confidence.
According to numbers released by the State Bank of Pakistan, the local currency ended its 11-day winning streak versus the US Dollar at Rs214.88, down Re0.98 (0.46pc).
In addition, the IMF and Pakistan reportedly settled on the terms of the Letter of Intent (LoI). The International Monetary Fund has been promised a steady rise in the gasoline levy until it reaches Rs50 per litre by the beginning of 2023.
Industry leaders in the KSE-100 index’s green were the technology and communication sector (114.07 points), the cement industry (94.94 points), and the electricity generation and distribution sector (38.46 points).
The all-share index saw a rise in volume to 607.99m shares, up from 518.1m on Tuesday. Similar to how the value of shares traded fell to Rs11.1b from Rs16.2b in the previous session, the volume of trading also decreased.
The most shares were traded in K-Electric (209.1m), followed by WorldCall Telecom (53.1m) and Hascol (48.3m).
On Wednesday, 356 firms’ stocks were traded, with 153 showing an increase, 171 showing a decrease, and 32 showing no change.