Pakistan Stock market soars 362 points on govt’s measures to reduce border stress

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The benchmark KSE-100 of Pakistan Stock Exchange added 362 points or ((0.94%) closed at 39,055 on Thursday on positive measures by the governments to decrease the border tensions. Market opened on a positive note today and leaped by 123pts at the opening.

During the session, the index increased by 456pts, however, later the investors showed concern due to tensions on the border, which resulted in a decline of 134pts.

Market recovered back in the last trading hours that resulted in an adjusted closing of +362pts. Though volumes declined as compared to yesterday, nonetheless healthy volumes were seen in the end.

Banking sector led the volumes table with 24M shares, which was topped by BOP.

The Index closed at 39,055pts as against 38,693pts showing an increase of 362pts (+0.9% DoD). Sectors contributing to the performance include Banks (+63pts), Autos (+37pts), Pharma (+35pts), Tobacco (+33pts), Miscellaneous (+29pts).

Analysts at Arif Habib Limited said that the volumes declined from 274mn shares to 159mn shares (-42% DoD). Average traded value also declined by 28% to reach US$ 53mn as against US$ 74mn.

Stocks that contributed significantly to the volumes include BOP, WTL, KEL, PAEL and FCCL, which formed 29% of total volumes.

Stocks that contributed positively include DAWH (+36pts), PAKT (+33pts), OGDC (+29pts), PSEL (+23pts), and MEBL (+19pts).

Stocks that contributed negatively include MCB (-19pts), NESTLE (-14pts), PPL (-12pts), ENGRO (-11pts) and EFERT (-11pts).