Despite political uncertainty and worrying economic indicators, the KSE-100 managed to break above the 44,000 point level as some kind of positivity prevailed on the Pakistan Stock Exchange (PSX) amid low participation.
The KSE-100 rose 0.42% on Wednesday, but the volume of the all-stock index hit a measly 108.41 million, from 115.64 million a day ago.
“PSX has been at low volume for about 22 months amid the Ramazan factor and political uncertainty,” Tahir Abbas, head of research at Arif Habib Limited (AHL), said in a note.
Despite the low volume, the index rose steadily throughout the day before widespread profit taking was seen in the final hour of trading.
At the close, the KSE-100 finished with a gain of 183.02 points, or 0.42%, to end at 44,111.10.
The KSE-100 is trading in a narrow range despite the lack of clarity
Economically, the country’s central government debt has ballooned by 17% on an annual basis to reach 42.761 trillion rupees, data released by the State Bank of Pakistan (SBP) has revealed. Of the total debt, 65% came from domestic sources, while the remaining 35% was financed from external sources.
The sectors pushing the benchmark index higher are fertilizers (68.28 points), technology and communication (34.35 points) and banking (32.31 points).
The volume of the all-stock index fell to 108.41 million from 115.64 million on Tuesday. The value of shares traded also declined to 4.27 billion rupees from 4.58 billion rupees recorded in the previous session.
Treet Corporation was the volume leader with 13.43 million shares, followed by Telecard Limited with 11.96 million shares and Engro Polymer with 5.56 million shares.
Shares of 324 companies were traded on Wednesday, of which 190 recorded an increase, 104 recorded a decline and 30 remained unchanged.