After 5 consecutive days index being recorded in red, finally KSE-100 increased by 1.25% on Wednesday as the day closed.
Though things are not as plain as they seem.
The day opened with index recording trading session gone as low as 1,088 points after it opened at 44,914.44. Official investor were attracted by cheap valuations, thus KSE-100 was able to cross 45,750-point barrier.
Also read: Lowest stock market recording in 2017
By the end of the trading day KSE-100 closed at 45,474.46, by gaining 560.01 points or 1.25%.
As per report by Elixir Securities the losses were neutralized by heavy institutional buying of favored stocks.
Contributors in green zone:
- NML : +4.8%
- HUBC: +3.8%
- ISL: +4.3
- SNGP: +4.8%
These companies together contributed 161 points to the index.
Banking sector mostly closed positive:
- HBL: +0.8%
- UBL: +2.5%
- MCB: +2.3%
- ABL: +0.5%
- NBP: +0.3%
Together the banking sector contributed +169 points to the KSE-100 index.
Read more: KSE-100 gained 399 points in Index
Before Eid in the last trading day it is expected that further recovery could be achieved, though investors are being told to remain cautious.
Trading volume increased from 294 million on Tuesday to 346 million shares on Wednesday.
Total Companies shares traded: 377
Stocks closed higher: 190
Stocks closed lower: 173
Stocks that remained same: 14
Value of shares traded during the day: Rs16.6 billion.
Volume leader was TRG Pak with 23.2 million shares, closing at Rs42.72 by losing Rs0.14. Bank of Punjab and K-Electric followed it with 20.2 million shares and 20 million shares respectively. Bank of Punjab lost Rs0.05 and closed at Rs10.81 while K-Electric closed at Rs6.85 by losing Rs0.12.
As per data collected by the National Clearing Company of Pakistan Limited foreign official stockholders were remaining buyers of Rs999 million during the trading session.