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PSX gains 440pts, up 1.38% to end in green zone

PSX gains 440pts, up 1.38% to end in green zone

KARACHI: The Karachi Stock Exchange benchmark 100-index gained 439.63 points or 1.38 percent to reach 32212.53 points and volume of 58,644,520 shares on Thursday.

On Wednesday, witnessed huge trading in cement sector, which took the KSE-100 index to 31772.90 points level after gaining 263.79 points at closing. On Tuesday, the PSX benchmark KSE-100 index remained volatile but buying in the later half helped it close up 139.60 points at 31,509.11. Hub Power Company Limited (HUBC) was the top loser in the index shedding only – 0.99%. KSE All Share settled at 21,812.27 with 97.34 points positive.

High and low were 32234.51 and 31772.90 respectively. Total volume traded in the market was 58,644,520 shares.

Although prices of crude oil in the international markets remained stable, the oil and gas exploration sector witnessed profit taking.

The ‘divestment committee’ formed by the Securities and Exchange Commission of Pakistan (SECP) has been given six months to sell the strategic 40pc shares that have been lying in the blocked account.

Originally, the stock exchanges had to find a ‘strategic buyer’ that met stringent criteria within 119 days. That period expired in August 2014. The regulator then extended the date to August 2015, but things seemed to have stayed put on the matter.

The SECP said in a statement issued earlier: “It is expected that post-integration, the PSX will be able to attract global strategic investors and financial institutions and form technological partnerships, to fulfil the objectives of integration, become a major regional investment hub and play its due role in the development of national economy.”