KSE-100 gains 187 points, consolidates over 47,000

The benchmark KSE-100 Index ended with a gain of 187 points as volumes increased substantially on Thursday.

After a lackluster start, the market picked up momentum in the second half, with the index hitting an intra-day high of 47,242.02 where major positivity came from the technology sector.

At close, the KSE-100 Index settled with a gain of 186.74 points or 0.40% to finish at 47,219.18.

AKD Securities in its latest report said that the social package announced by Prime Minister Imran Khan would help bring down the cost for the masses and help the party regain political ground.

“We expect the government to have taken the IMF on-board with a deal to revive the dormant programme,” said AKD Securities. “From the point of the equity market, the package was largely a non-event with focus shifting to the next monetary policy announcement where the consensus is building about a 50bps–100bps hike,” added the report.

On the economic front, the International Islamic Trade Finance Corporation announced that it will provide a $761.5-million Murabaha financing facility to Pakistan for import of petroleum products on deferred payment.

Meanwhile, volume on the all-share index increased from 380.56 million on Wednesday to 561.94 million on Thursday. The value of the shares trade also increased, amounting to Rs16.01 billion from Rs15.55 billion on Wednesday.

WorldCall Telecom was the volume leader with 81.04 million shares, followed by Byco Petroleum with 30.35 million shares, and Telecard Limited XB with 26.59 million shares.

Shares of 379 companies were traded on Thursday, of which 235 registered an increase, 125 recorded a fall, while 19 remained unchanged.