KSE-100 gains close to 400 points amid lower volume

Setting aside lockdown concerns, the KSE-100 Index rebounded sharply to gain 398 points on Monday to settle near the 47,500 level, albeit with lower volumes.

At close, the KSE-100 Index finished with a gain of 397.96 points or 0.85% to end at 47,453.25.

The increase comes as market players shrugged off lockdown concerns and expressed optimism over higher tax collection during the month of July 2021 coupled with a lower CPI which clocked in at 8.4 % year-on-year as compared to 9.7% year on year in June 2021, said Topline Securities in its post-market comment.

Sectors adding gains to the KSE 100 index included technology and communication (57.84 points), banking (55.39 points) and textile composite (49.06 points).

Volume on the all-share index decreased from 399.09 million on Friday to 252.34 million on Monday. The value of shares traded during the session amounted to Rs9.25 billion, a significant decrease from Rs13.76 billion on Friday.

WorldCall Telecom remained the volume leader with 16.85 million shares, followed by Hum Network with 15.98 million shares, and Byco Petroleum at 13.73 million shares.

Shares of 486 companies were traded on Monday, of which 352 registered an increase, 118 recorded a fall, while 16 remained unchanged.