KARACHI: The PML-N and PPP reached an agreement over night to establish a coalition government known as PDM 2.0. This led to a greater degree of clarity on the political front, and as a result, the benchmark KSE 100-share index mounted a strong rise to close above 61,000 on Wednesday.
Topline Securities Ltd reported that while bullish investors started to build up their positions in the hopes that the new government’s power-sharing arrangement would put an end to the uncertainty, the stock market maintained a strong trend throughout the session, hitting an intraday high of 61,621 as well as a low of 60,907 points.
Oil and Gas Development Company Ltd., Lucky Cement, Pakistan Petroleum Ltd., United Bank Ltd., and TRG Pakistan were the main drivers of this upward momentum, each adding 322 points to the index’s surge. According to Arif Habib Corporation’s Ahsan Mehanti, reports of declining profit rates on national savings plans and rising Pakistan Eurobond prices further improved investor mood.
Consequently, the KSE-100 index gained 1,094.91 points, or 1.81 percent, from the previous session to close at 61,559.16 points.
At 362.77 million shares, the overall trading volume decreased by 0.45 percent. On a daily basis, however, the transacted value surged 14.31 percent to Rs12.49 billion.
A substantial portion of the traded volume was made up of the following stocks: WorldCall Telecom Ltd (21.42 million shares), Bank of Punjab (35.43 million shares), K-Electric (28.61 million shares), Cnergyico PK Ltd (18.30 million shares), along with The Searle Company Ltd (17.62 million shares).
The stocks showing the largest rises in absolute terms were Abbott Laboratories (Rs33.38), Mari Petroleum Ltd (Rs45.11), Highnoon Laboratories (Rs37.90), Service Industries Ltd (Rs37.44), and Indus Motor Company Ltd (Rs53.66).
Pakistan Services Ltd (Rs50.00), Thal Ltd (Rs9.46), Tata Textile Mills Ltd (Rs5.30), Gadoon Textile Mills Ltd (Rs4.40), and Ittehad Chemicals Ltd (Rs3.43) were the companies with the largest absolute declines in share prices.
International buyers recovered net sellers by selling $0.14 million worth of shares.
SOURCE: DAWN NEWS
