- The Pakistan equity market closed in the green zone on Thursday.
- Analysts recommend investors adopt the “Buy on Dip” strategy in the upcoming sessions.
- The (ADB) stated that it would give Pakistan around $2.3 billion in aid.
KARACHI: The Pakistan equity market closed in the green zone on Thursday with bulls staying in control throughout the day over rupee stability and other positive news, analysts said.
An analyst at Pearl Securities said the cut of yields declined in the latest T-bill auction to indicate the status quo in the policy rate announcement scheduled for next week.
“The rupee’s winning streak continued against the dollar. The Asian Development Bank (ADB) has promised to provide $2.5 billion to Pakistan to help in flood relief activities by the end of October,” he added.
The Pakistan Stock Exchange KSE-100 shares Index gained 549.15 points, or 1.32 per cent to close at 42,160.57 points. The KSE-30 shares Index gained 290.34 points, or 1.86 per cent, to close at 15,894.70 points.
An analyst at Arif Habib Limited said the bulls ruled the day at the PSX after the ADB stated that it would give Pakistan around $2.3 billion in aid.
“Due to the decline in the international coal prices, the cement sector remained in the limelight as the benchmark KSE-100 Index traded in the green throughout the day.
The investors’ sentiments remained bullish, continuing the positive momentum from the previous close. While third-tier stocks led the volume board, the main board continued to be on the healthy side,” he added.
The analysts expect the market to continue the uptrend. Hence, recommending investors adopt the “Buy on Dip” strategy in the upcoming sessions.
As many as 373 scrips were active of which 206 advanced, 136 declined and 31 remained unchanged.
The ready market volumes stood at 442.58 million shares, compared with the turnover of 635.59 million shares in the last trading session.
The companies which reflected the highest gains included Nestle Pakistan up Rs50 to close at Rs5,750/share, and Reliance Cotton up Rs32.05 to close at Rs460.01/share.
The companies which reflected the most losses included Sapphire Textile down Rs86 to close at Rs1,063/share, and Pak Services down Rs76.81 to close at Rs947.31/share.
The highest volumes were witnessed in WorldCall Telecom with a turnover of 116.85 million shares. The scrip gained 2 paisas to close at Rs1.59/share, followed by TPL Properties with a turnover of 29.82 million shares. It gained 99 paisas to close at Rs22.12/share. TRG Pakistan remained the third with a turnover of 23.59 million shares. It gained Rs3.49 to close at Rs147.40/share.
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