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KSE-100 registers 816-point increase as buying spree continues

KSE-100 registers 816-point increase as buying spree continues

KARACHI: Stocks returned to winning ways after a one-day break, as the KSE-100 Index increased 1.91% or 816.40 points to cross the 43,600 level.

Volumes rose significantly on the all-share index and index-heavy, along with retail-favourite stocks, increased on bullish sentiment.

After Tuesday’s session in which profit-taking dominated the charts, investors were keen to pump in more money as stocks across the board witnessed higher volumes and buying orders. The KSE-100 maintained a steady rise throughout the day.

At close on Wednesday, the KSE-100 Index ended with an increase of 816.40 points or 1.91% to finish at 43,630.74.

JS Global analyst Maaz Mulla said bulls resumed control by taking the index up 816 points to close at 43,631 level.

“Overall volumes increased by 45%, while value increased by 60%, compared to the previous trading session,” Mulla remarked.

Major contribution to the index came from HBL (+2.46%), ENGRO (+3.04%), UBL (+2.27%), MCB (+2.23%) and LUCK (+2.33%) cumulatively contributing 248 points to the index. Commercial banking sector led the optimism where heavyweights HBL (+2.46%), UBL (+2.27%) NBP (+0.98%) and MCB (+2.23%) closed in green zone.

Bullish sentiment was witnessed in the fertiliser sector, where FFBL (+2.93%) and FFC (+1.92%) contributed 33 points and closed positively on the back of the news of proposal in reduction in GIDC that would materially benefit FFC and FFBL.

“Investor interest was seen in the engineering sector where ISL (+5%), ASL (+5.06%) DSL (+9.17%) and ASTL (+3.30%) closed in the green zone.”

Oil prices closed at a fresh three-year high, where POL (+0.34%) PPL (+1.21%) and OGDC (+0.79%) from the aforementioned sector closed positive.

“Moving forward, we expect market to continue its positive trend, however, prevailing political situation may shake investors’ confidence for the short-term. We advise investors to book profits on the higher side,” the analyst added.