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Pakistan stock exchange adds 1,000 points to cross to 42,300-level

KARACHI: The Pakistan Stock Exchange witnessed a bullish trend today as the KSE-100 index gained more than 1,000 points.

The index gained 1,030 points during the day’s trading session with investors trading shares valuing more than Rs7.86 billion.

The market closed at 42,310 points, reaching a high of 42,346 points during the day’s trading.

A relaxed trading session was witnessed with KSE-100 volume trading 84.2 million shares today.

Textile stocks led the volumes with 26.2m shares being traded followed by commercial banks with 21.3m shares traded.

According to market analyst Mohammad Sohail, a bullish trend was seen in the market after the government announced to provide immediate packages to increase exports.

Bearish trend continues, KSE loses 274 points

Karachi: Bearish trend continued, Pakistan Stock Exchange lost 274 points amid low volume. Due to political uncertainty, falling foreign reserves and trade deficit effecting the stock market.

The index opened higher on Monday and hit the day’s high of 41,552 but then began to lose points, touching the day’s low of 41,062 points towards the close of the trading session. Volumes remained considerably lower during the day’s trading.

Only 94.95 million shares worth Rs5.56 billion were traded in the market, with only 88 of the total of 351 traded symbols advancing, while 240 declined and 23 remained unchanged.

“Concerns for rising public debt and record fiscal deficit, falling banking spreads and uncertainty over fate of GSP Generalised System of Preferences plus status amid likely impact on exports played a catalyst role in bearish close,” Ahsan Mehanti of Arif Habib Corporation said, adding “uncertainty over Pakistan’s trade relations amid tensions with US and weak global crude prices” also had a role to pay in the bearish close.

The technology and communications sector dominated the day’s trading with 12.7m shares traded, with commercial banks and textile sectors following with 10.7m and 10.1m shares traded respectively.