The Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share index continued to maintain an upward trend by ending positive for the fifth consecutive session and achieved a new milestone along the way by touching 44,500 points.
The PSX benchmark KSE 100-share Index on Wednesday experienced a surge of 295.59 points due to gains in cement and select index companies, to finish the trading day at 44,495. Also, KSE-30 index hiked by 207 points to 23,943.35 points.
“Day kicked off on a positive note as cement stocks drove early gains on reported buying by local investors while select index names also followed suit and eked out modest gains,” said Ali Raza (analyst at Elixir Securities). “Exploration and production on the other hand traded in red from the word go as investors’ tracked dip in global crude and booked recent gains.”
The trading volume of shares increased to 470 million compared to a Tuesday tally of 372 million. K-Electric also experienced a hike in its share price after it was reported that the Shanghai Electric Power Company (SEPC) outlined a new investment plan that worth $9 billion in order to improve the generation, distribution and transmission system of the company. Bank of Punjab (BOP) led the financial sector table with 79.7 million shares finishing at PKR 17.76.