PSX gains on hopes of removal from FATF's grey list

• Market manages to close with gain of 384.11 points or 0.94%.
• Benchmark KSE-100 index closes at 41,568.41 points.
• Shares of 337 companies were traded during session.

KARACHI: The bulls dominated the trading at the Pakistan Stock Exchange (PSX) on Wednesday as the benchmark KSE-100 index gained over 300 points. 

The stock market managed to stay in the green throughout the day and closed on a positive note. 

At close, the benchmark KSE-100 index closed at 41,438.79 points with a gain of 384.11 points or 0.94%.

According to Arif Habib Limited, the market observed a positive session due to expectations of Pakistan’s exclusion from the Financial Action Task Force (FATF) grey list. 

KSE-100 index stayed in the green zone as investors opted for value hunting in the oil marketing companies (OMCs), exploration and production and cement sectors. Volumes remained sluggish on the main board whereas third-tier stocks witnessed healthy volumes.

Sectors contributing to the performance include banks (+52.6 points), exploration and production (+43.2 points), OMCs (+32.1 points), technology (+28.4 points) and fertiliser (+15.6 points). 

Shares of 337 companies were traded during the session. At the close of trading, 175 scrips closed in the green, 131 in the red, and 31 remained unchanged.

Overall trading volumes rose to 141.70 million shares compared with Tuesday’s tally of 120.12 million. The value of shares traded during the day was Rs4.76 billion.

TPL Properties Limited was the volume leader with 17.35 million shares traded, gaining Rs0.36 to close at Rs19.13. It was followed by Balochistan Glass Limited with 9.85 million shares traded, losing Rs0.19 to close at Rs8.32 and Pakistan Refinery Limited with 8.92 million shares traded, gaining Rs0.09 to close at Rs17.24.