Pakistan Stock Exchange adds 191 points over positive sentiments

Pakistan Stock Exchange adds 191 points over positive sentiments

Staff Reporter
November 7, 2022

Pakistan Stock Exchange adds 191 points over positive sentiments

The Pakistan Stock Exchange KSE-100 shares Index gained 191.05 points, or 0.46 per cent to close at 42,047.36 points.
Analysts expect the market to perform well on the back of fresh dollar inflows.
They are suggesting investors adopt a “Buy on Dip” strategy in the upcoming sessions.

KARACHI: The Pakistan bourse closed on a higher note on Monday as the investors celebrated the announcement of expected inflows from China and Saudi Arabia.

An analyst at Pearl Securities said that the bourse remained positive with healthy activity across the board to close in green.

“The positive sentiment prevailed on the back of the $13 billion coming from China and Saudi Arabia. However, profit-taking in late hours was observed,” he added.

The Pakistan Stock Exchange KSE-100 shares Index gained 191.05 points, or 0.46 per cent to close at 42,047.36 points. The KSE-30 shares Index gained 73.13 points, or 0.48 per cent to close at 15,299.90 points.

An analyst at Topline Securities said that the equity market witnessed a positive session where the KSE-100 Index opened in the green zone and stayed green throughout the session.

“The positive sentiments can be attributed to $13 billion assurance with regard to the rollover of upcoming debt payment from China and Saudi Arabia. The buying sentiments dominated the bourse,” he added.

Going forward, the analysts expect the market to perform well on the back of fresh dollar inflows. Hence, suggesting investors adopt a “Buy on Dip” strategy in the upcoming sessions.

An analyst at Arif Habib Limited said that the week got off to a solid start for the PSX with a strong momentum.
“The KSE-100 Index remained positive due to expectations of monetary inflows from Saudi Arabia and China, as well as attractive valuations of stocks kept the investors involved in the market. The third tier stocks had respectable volumes while overall volumes remained robust,” he added.

As many as 336 scrips were active of which 188 advanced, 120 declined and 28 remained unchanged.

The ready market volumes stood at 240.21 million shares, compared with the turnover of 298.09 million shares in the last trading session.

The companies which reflected the highest gains included Khyber Tobacco up Rs30.22 to close at Rs433.22/share, and Bhanero Textile up Rs17.94 to close at Rs1,000/share.

The companies which reflected the most losses included Siemens Pakistan down Rs38.72 to close at Rs851.28/share, and Ismail Industries down Rs33.25 to close at Rs420/share.

The highest volumes were witnessed in WorldCall Telecom with a turnover of 43.51 million shares. The scrip gained 4 paisas to close at Rs1.61/share, followed by Dewan Motors with a turnover of 17.75 million shares. It gained 25 paisas to close at Rs11.41/share. Hascol Petrol remained the third with a turnover of 16.64 million shares. It shed 18 paisas to close at Rs8.21/share.

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