As ADB Pledges Money, Stocks Rise 549 Points

Fri Oct 07 2022
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Bulls took control of the Pakistan Stock Exchange on Thursday after the Asian Development Bank (ADB) announced a $2.3 billion aid package for the country.

According to Arif Habib Ltd, the decrease in global coal prices has kept the cement industry in the spotlight. As investors maintained their positive sentiment in light of the decline in government bond rates, the benchmark index moved in the green for the whole day.

According to JS Global, investors should keep an eye out for potential purchasing opportunities in the cement, steel, and technology sectors. As the rupee increased by 0.9% to 221.94 versus the dollar, investors rejoiced at the currency market’s ongoing progress. The KSE-100 index thus closed at 42,160.57 points, an increase of 549.15 points or 1.32 percent from the previous day.

On a daily basis, the trading volume dropped by 30.4 % to 442.6 million shares, while the traded value increased by 31.5 % to $61.8 million. Significantly increasing the number of shares traded were World Call Telecom Ltd (116.86 million shares), TPL Properties Ltd (29.82 million shares), TRG Pakistan Ltd (23.6 million shares), Flying Cement Ltd (16.72 million shares), and K-Electric Ltd. (14.35m shares).

The index’s performance was influenced by the industries as technology (204.2 points), fertilizer (109.9 points), exploration and production (84.3 points), banking (77.8 points), and electricity (42.5 points). Companies with the largest increases in their share prices in absolute terms were Nestle Pakistan Ltd. (Rs. 50), Reliance Cotton Spinning Mills Ltd. (Rs. 32.05), Sanofi-Aventis Pakistan Ltd. (Rs. 31.23), Systems Pakistan Ltd. (Rs. 28.81), and JDW Sugar Mills Ltd. (Rs19.50).

The shares that decreased the most in terms of rupees were Sapphire Textile Mills Ltd (Rs86), Pakistan Services Ltd (Rs76.81), Premium Textile Mills Ltd (Rs25.25), Bhanero Textile Mills Ltd (Rs25), and Siemens Pakistan Engineering Ltd. (Rs14.30). Foreign investors continued to sell shares worth $0.3m, being net sellers.

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