KSE-100 gains over 300 points as positive momentum continues

KSE-100 gains over 300 points as positive momentum continues

The KSE-100 Index carried its bullish momentum into the second day of the week, as it gained 305 points to cross the 47,500 level with a significant increase in volumes.

At close, the KSE-100 Index finished with a gain of 305.07 points or 0.64% to close at 47,758.32.

The approval of $650 billion Special Drawing Rights (SDR) Allocation (effective from August 23, 2021) by IMF governors, decline in daily infection ratio and approval of $40-billion exports target under the newly-introduced Export Facilitation by the government helped improve confidence, said Capital Stake in its post-market comment.

The newly-approved SDR allocation by IMF could boost Pakistan’s reserves by $2.8 billion, according to reports.

Sectors driving the benchmark KSE 100 index upwards included cement (59.86 points), technology and communication (55.19 points) and banking (55.55 points).

Volume on the all-share index increased significantly from 252.34 million on Monday to 443.21 million on Tuesday. The value of shares traded during the session amounted to Rs16.19 billion, a sharp rise from Rs9.25 billion on Monday.

WorldCall Telecom remained the volume leader with 36.35 million shares, followed by Telecard Limited with 29.47 million shares, and Byco Petroleum at 29.39 million shares.

Shares of 482 companies were traded on Tuesday, of which 335 registered an increase, 120 recorded a fall, while 27 remained unchanged. (Business Recorder)

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