Pakistan, Turkey trade crosses $1.1bn after a decade: President FPCCI

April 01, 2022 (MLN): Pakistani equities rejoiced on a decline in international oil prices, much clarity on the political front, and optimism due to favorable outcomes in diplomatic talks on the Russia-Ukraine conflict.

The benchmark KSE-100 Index opened on a negative note but soon came into positive territory as the day progressed, backed by encouraging participation.

The index concluded the trade at 45,152.11 after a gain of 223.28 points or 0.50 percent.

The positivity in the market can be attributed to no-confidence voting against the Prime Minister on Sunday in parliament, where investors expect ambiguity to end on a political front post this event, a market wrap by Topline Securities cited.

The Index traded in a range of 724.55 points or 1.61 percent of the previous close, showing an intraday high of 45,396.14 and a low of 44,671.59.

Market participants were interested in the banking sector due to the anticipated hike in the interest rates led by higher inflation, according to a closing note by Al Habib Capital Market.

Of the 95 traded companies in the KSE100 Index 51 closed up 42 closed down, while 2 remained unchanged. The total volume traded for the index was 126.51 million shares.

Sectors propping up the index were Commercial Banks with 126 points, Technology & Communication with 34 points, Fertilizer with 32 points, Automobile Assembler with 29 points and Refinery with 14 points.

The most points added to the index were by UBL which contributed 51 points followed by ENGRO with 27 points, TRG with 24 points, HMB with 22 points and INDU with 22 points.

Sector-wise, the index was let down by Leather & Tanneries with 15 points, Pharmaceuticals with 13 points, Power Generation & Distribution with 9 points, Chemical with 9 points and Paper & Board with 6 points.

The most points taken off the index was by COLG which stripped the index of 18 points followed by EFERT with 18 points, SRVI with 15 points, ABL with 13 points and SCBPL with 12 points.

All Share Volume decreased by 26.52 Million to 389.11 Million Shares. Market Cap increased by Rs.16.56 Billion.

Total companies traded were 364 compared to 362 from the previous session. Of the scrips traded 183 closed up, 149 closed down while 32 remained unchanged.

Total trades increased by 19,486 to 142,781.

Value Traded increased by 1.43 Billion to Rs.11.11 Billion

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