Karachi: Pakistan Stock Exchange (PSX) witnessed bullish trading session and benchmark index KSE-100 gained 0.92 percent after handful of rangebound sessions last week. Investors’ sentiment turned positive over budget proposals being put forward by government and they made fresh buying. KSE-100 index closed trading session at 41,340.06 level, an increase of 375.52 points.

Across-the-board buying was witnessed with index-heavy sectors including automobile, cement, chemical, oil and gas exploration companies and OMCs trading in positive.

Sectors painting benchmark KSE-100 index in green included technology and communication (114.25 points), fertiliser (56.82 points) and oil and gas exploration (53.20 points). Volume on all-share index more than doubled to 346.4 million from 168.5 million on Friday, while value of shares traded fell to Rs 6.4 billion from Rs 6.8 billion recorded in previous session.

WorldCall Telecom was volume leader with 193.9 million shares followed by Maple Leaf Cement with 10.9 million shares and K-Electric with 8.9 million shares. Shares of 348 companies were traded of which 204 registered an increase, 128 recorded fall and 16 remained unchanged.

“Reports of funds from Saudi Arabia and disbursement of funds from World Bank pertaining to floods has given breather,” Saad Khan Head of Research at IGI Securities said.

Report from Arif Habib Limited stated, “Investors opted to add value to their portfolios making bourse reach an intraday high of 684.59 and eventually close in green.”

Report from Capital Stake underlined, “News of financial support from Saudi Arabia and hopes of an investor-centric budget helped investors regain confidence in market.”

Published in The Daily National Courier, May, 30 2023

Like Business on Facebook, follow @DailyNCourier on Twitter to stay informed and join in the conversation.