KSE-100 Recorded An Increase Of 278.6 Points While Trading Volumes Decreased
KSE-100 Recorded An Increase Of 278.6 Points While Trading Volumes Decreased: Stocks turned bullish on Wednesday as the KSE-100 Index rose nearly 361 points in intra-day trading, bringing an end to a three-day losing streak.
After opening negative for a brief period, the index picked up on the back of buying interest of investors. The Supreme Court’s approval of a tax amnesty scheme also helped propel the index upwards.
Investor sentiments improved on expectations that the amnesty scheme would generate large capital inflows into the market.
Despite brief fluctuations, the index closed in the green. Activity was mainly concentrated in auto stocks that outperformed in the wake of monthly sales data. Financial, exploration and production and fertilizer stocks also contributed positively to the index.
At close, the benchmark KSE 100-share Index recorded an increase of 278.6 points or 0.64% to settle at 43,507.50.
JS Global analyst Maaz Mulla said Pakistan equities closed positive with the benchmark index settling up at 43,508.
“The index hit an intra-day high of 361 points and a low of -12 points in the trading session,” Mulla said.
Traded volumes fell 19% to 112 million shares while traded value decreased to $47 million. Top volume stocks were The Bank of Punjab (+2.3%), Meezan Bank (+5%) and K-Electric (-1.9%).
Auto sales data was released which showed 5% year-on-year growth in sales for May 2018 while sales for 11MFY18 jumped 21%.
Overall, trading volumes decreased to 111.9 million shares compared with Tuesday’s tally of 137.8 million. The value of shares traded during the day was Rs5.7 billion.
Shares of 332 companies were traded. At the end of the day, 197 stocks closed higher, 113 declined while 22 remained unchanged.
Foreign institutional investors were net sellers of Rs323.03 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.
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