Stocks gain 154 points on regional markets’ buoyancy

Pakistan stocks advanced on Wednesday, as the benchmark index tracked the regional markets’ optimism ahead of the US Federal Reserve meeting.

The Karachi Stock Exchange (KSE)-100 index gained 154.10 points to close at 33,345.56 points as compared to 33,191.46 of the previous session. The KSE-30 Index added 98.51 points and closed at 20,289.04 points against 20,190.53 points of the last closing.

“Pakistan equities broke the four-day negative streak to close 0.5% higher, albeit on lowest turnover since late May. The wider market opened positive and sustained gains throughout the session, as participants tracked the surge in regional markets while news of initiation of ratings by Fitch was also viewed favourably by the investors,” said Elixir Securities’ analyst Faisal Bilwani.

Bilwani expects the market to trade range bound as investors would continue to track regional markets and would wait for the institutional flows to guide the market direction.

The Global Securities’ analyst said that the market remained positive during the day with low volumes. Modest gain was witnessed in the cement and fertiliser sectors; however sustainability of rates is the key issue at present.

He expected that the FED would remain cautious, considering the existing global market situations, keeping the federal fund rate unchanged.

“We expect the market to remain volatile while institutional flows will play a vital role in setting the direction,” said the analyst.

The market volume decreased to 104.043 million shares traded as compared to 132.151 million shares traded in the previous session. Trading value at the local bourse fell to Rs 4.936 billion against Rs 6.533 billion of the previous session. Out of 358 scrips, 220 scrips advanced, 113 scrips declined while the value of 25 scrips remained unchanged.

The KMI-30 index advanced by 303.52 points to close at 55,462.42 points as compared to 55,158.90 points of the previous session.

The KSE all-share index went 126.56 points up to close at 23,350.43 points as compared to 23,223.87 points of the previous session. Byco Petroleum was the volume leader in the market with 11.628 million shares as it closed at Rs 25.09 followed by Pace (pak) Limited with trading of 5.138 million shares and closed at Rs 6.76. Dewan Cement traded 4.344 million shares and closed at Rs 17.27.

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