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KSE 100 increased 287 points or 0.75% to 38792

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KSE 100 increased 287 points or 0.75% to 38792 on Wednesday, October 10 from 38505 in the previous trading session. Historically, the Pakistan Stock Market (KSE100) reached an all-time high of 52876.46 in May of 2017 and a record low of 538.89 in June of 1990.

The index ended 38,792 points from the previous day’s ending of 38,505 points, gaining 287 points.

Analysts at Topline Securities said that Pakistan equities today witnessed a volatile session where the index traded in a wide range of 37,897-38,826 (929 points) as investors anxiously await Pakistan’s entry into IMF program.

Further, with IMF’s downward revision of Pakistan’s key economic indicators in its recent World Economic Outlook (WEO) report, investors became sceptical about corporate earnings going forward. This led cyclical sectors like Autos to drag index down by 32 points.

Later in the second half, the financial sector led the rally where the benchmark index closed with +287 points (or 0.75 per cent) with MCB and UBL +3 per cent and +4 per cent respectively.

Autos continued to remain under pressure where INDU, PSMC and HCAR closed down 4.8 percent, 5 percent and 3.3 percent, respectively as condition of being a filer to purchase new vehicles took its toll on the sector.

Overall, volumes witnessed decline of 11 percent vs. last day while value fell 27 percent. Among sectors, technology remained top traded with volumetric activity of 35 million shares, followed by chemicals 27 million shares and cements 23 million shares.

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