KSE-100 extends gains, closes to 267pts

Business May, 17 2024
KSE-100 extends gains, closes to 267pts
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Karachi: KSE-100 index closed in green as it gained 267 points to settle near 75,000, following buying spree on some positive indicators. Index briefly crossed 75,000 for second consecutive day, but was unable to sustain level due to some selling pressure.

At close, benchmark index settled at 74,930.69, up by 266.72 points or 0.36 percent. Buying was witnessed in banking sector, followed by technology, pharma and textiles. On other hand, fertiliser, power, E&P, OMCs and cement sectors closed in red. Volume on all-share index decreased to 407.62 million from 572.42 million session ago.

Value of shares plunged to Rs 16.98 billion from Rs 25.95 billion in previous session. P.I.A.C. (A) was volume leader with 34.84 million shares followed by Pak Elektron with 28.54 million shares and WorldCall Telecom with 24.08 million shares. Shares of 377 companies were traded, of which 161 registered an increase, 194 recorded fall while 22 remained unchanged. Asian equities rallied on Thursday after US data showed inflation cooled last month, fuelling speculation that Federal Reserve will cut interest rates twice this year. News sent all three main indexes on Wall Street to record highs, with confidence given an extra boost by figures showing retail sales well below expectations, suggesting consumers were taking a step back.

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