KARACHI: The Pakistan Stock Exchange (PSX) started the week in green with the benchmark KSE-100 index gaining 181 points to close at 45,741 points.
The index touched the day’s high of 45,771 and the low of 45,414 on the way. Volumes soared today as 262.5 million shares worth Rs12.2 billion were traded in all. Of the total of 368 traded scrips, 193 advanced, 153 declined while 22 remained unchanged.
Heightened activity was observed in the chemical and cement sectors as over 100m shares were traded among the two sectors. 21.4m shares were traded of Fauji Cement alone, whose share saw a 4.8 per cent hike.
The stocks opened on positive note and added 64 points in early trading to reach 45624 level. The Pakistan Stock Exchange remained in green zone till midday as the benchmark 100-index gained 99 points to take the tally to 45659 level.
Last week, the PSX benchmark KSE-100 index shrugged off external woes and closed at 45,560 points, up 1.2 percent WoW. Key sectors such as banks (up 1.2 percent WoW on anticipations of rate hike in monetary policy announcement), cements (up 2.0 percent WoW on further prices increases in the north region) and fertilizers (up 2.6 percent WoW on possible price increases amidst improving dynamics) led the charge and contributed most to the index.
In terms of specific scrips, K-Electric (KE) remained the talk of the town as Shanghai Electric submitted fresh intentions to acquire majority stake in the company. Despite delays in the announcement of the new Multi Year Tariff (MYT), the stock appreciated by 11 percent WoW as the Prime Minister assured the acquirer of full support in clearance of bureaucratic hurdles. Activity also improved as indicated by increase in average volume traded (up 24 percent WoW to 240m shares/day) and average value traded (up 13 percent WoW to $86m/day).
