Political clarity brings bulls back to KSE-100, closes above 42,500

• Arif Habib Limited says “much-needed clarity on political front” makes investors rejoice and end “week-long negative momentum”.
• KSE-100 opened day at 42,012.66 points and closed at 42,541.71points with a 1.26% change in the market.
• Overall trading volumes rose to 347.06 million shares compared with Wednesday’s tally of 240.04 million. 

KARACHI: PTI's decision to call off the “Azadi March” brought the bulls back to the Pakistan Stock Exchange with the benchmark KSE-100 gaining over 500 points and ending the day at 42,541 points.

Arif Habib Limited, in its post-session commentary, noted that the “much-needed clarity on the political front” made the investors rejoice and end the “week-long negative momentum”. 

“Despite opening in the red zone bulls took over as investors got vital confidence over the Opposition party calling off the long march. Positive momentum was witnessed across the board as investors opted for value buying throughout the day. Healthy volumes were witnessed in the market although third-tier stocks were more active,” noted the company.

The KSE-100 index opened the day at 42,012.66 points and closed at 42,541.71 points with a 1.26% change in the market.

A total of 351 companies' shares were traded out of which 263 ended in the green zone, 63 scrips ended in the red, and 25 remained unchanged.

Overall trading volumes rose to 347.06 million shares compared with Wednesday’s tally of 240.04 million. The value of shares traded during the day was Rs9.04 billion.

The sectors that contributed to the performance include technology (+347.1 points), cement (+73.7 points), banks (+63.1 points), fertiliser (+32.1 points) and OMCs (+29.5 points).

Pakistan Refinery was the volume leader with 35.66 million shares traded, gaining Rs1.17 to close at Rs17.88. It was followed by Cnergyico PK with 19.64 million shares traded, gaining Rs0.33 to close at Rs5.59 and Telecard Limited with 18.44 million shares traded, gaining Rs0.64 to close at Rs11.70.