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Stocks gain as economy shows green shoots
Business
Stocks on Wednesday pressed ahead counting on upbeat economic numbers amid robust corporate earnings hopes, dealers said.
Pakistan stock exchange (PSX) KSE-100 shares index gained 0.58 percent or 262.65 points to close at 45,311.22 points. Volumes reduced to 341.88 million shares from 473.433 million in the last trading session.
Topline Securities in a note said encouraging large-scale manufacturing and auto sales numbers and decline in Pakistan Investment Bonds cutoff yields garnered investors interest, which led the market to make an intraday high of 298 points.
TRG, FFC and HBL emerged as the major contributors by cumulatively adding 69 points to index, the brokerage said.
KSE-100: Stocks stage recovery over positive economic indicators dailytimes.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailytimes.com.pk Daily Mail and Mail on Sunday newspapers.
Market watch: Stocks advance 262 points on positive macros
Benchmark KSE-100 index increases 0.58% to close at 45,311.22
PHOTO: ONLINE
KARACHI:
The stock market continued its advance for the second day on Wednesday as the benchmark KSE-100 index gained around 260 points, but trading remained mostly range bound.
Investor optimism on the first day of Ramazan came on the back of approaching corporate earnings season, which sparked a rally and helped sustain the positive momentum.
Upbeat automobile sales data, which showed a robust growth of 198% in March 2021, kept the investment climate buoyant.
Encouraging numbers released by the Pakistan Bureau of Statistics (PBS) for the large-scale manufacturing (LSM) sector, which grew 7.45% in the first eight months (Jul-Feb) of current fiscal year despite the third wave of the Covid-19 pandemic, triggered optimism.
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