business
Monday Dec 06 2021
By
BDBusiness Desk

PSX begins week on positive note

By
BDBusiness Desk
— Reuters/File
— Reuters/File

  • At close, the benchmark KSE-100 index crawls up by 47.94 points to close at 43,280.77 points.
  • Assurance from the finance adviser regarding economic recovery give participants much-needed confidence.
  • Shares of 314 companies were traded during the session.


KARACHI: The bears and bulls locked horns at the Pakistan Stock Exchange (PSX) on Monday as the KSE-100 index traded on both sides of the fence, but closed with a gain of 47.94 points owing to assurance from the finance adviser regarding economic recovery.

Adviser to Prime Minister on Finance and Revenue Shaukat Tarin on Friday had reassured people and markets that "the economy was on a growth path" and "the difficulties of the lower-middle urban class would subside in a few months."

Moreover, a slight recovery in the rupee after the receipt of $3 billion funds from Saudi Arabia gave investors the much-needed confidence.

Sectors contributing to the performance included exploration and production (+124 points), technology (+83 points), power (+26 points), chemical (+10 points) and cement (+8 points).

Today, at the close, the benchmark KSE-100 index crawled up by 47.94 points, or 0.11%, to close at 43,280.77 points.

Benchmark KSE-100 index trading curve. — PSX data portal
Benchmark KSE-100 index trading curve. — PSX data portal

A report from Topline Securities noted that Pakistan equities started the week on a positive note in the backdrop of a Saudi cash facility worth $3 billion credit in the State Bank of Pakistan (SBP) account over the weekend.

“Investors’ interest was seen mainly in the blue-chip stocks having attractive price levels and offering better dividend yields, relatively, in the environment of rising interest rates,” the report added.

Shares of 314 companies were traded during the session. At the close of trading, 122 scrips closed in the green, 175 in the red, and 17 remained unchanged.

Overall trading volumes dropped to 176.9 million shares compared with Friday’s tally of 287.7 million. The value of shares traded during the day was Rs6.1 billion.

WorldCall Telecom Limited was the volume leader with 16.6 million shares traded, losing Rs0.09 to close at Rs1.96. It was followed by Telecard Limited with 12.6 million shares traded, losing Rs0.90 to close at Rs13.91, and TRG Pakistan with 11.2 million shares traded, gaining Rs3.24 to close at Rs11.29.