KARACHI: The Pakistan Stock Exchange resumed its upward trend on Wednesday, boosted by positive economic indicators and the government’s offer of a stimulus package for the IT and telecom sectors.
The government authorised multiple incentives on Tuesday, in a historic step, to help the information technology (IT) and IT-enabled services (ITeS) sectors, freelancers, and startups.
The announcement drew new money into the tech sector, putting technology equities on the attention of investors.
The KSE-100 index rose sharply as soon as trading began, but the rally was short-lived as investors resorted to profit-taking, wiping out some of the gains at the end of the day. The index ended the day on a strong note thanks to good investor sentiment.
The benchmark KSE-100 index rose 120.74 points, or 0.27 percent, to 45,132.92 points at the close.
The market remained turbulent today, according to Arif Habib Limited, due to political turmoil and increasing commodity costs.
“Higher international coal prices continued to put pressure on the cement sector,” it stated.
Cement (+69.3 points), banks (+48 points), car assembler (+19.1 points), tobacco (+11.6 points), and technology (+11.4 points) all contributed to the performance.
During the session, 348 businesses’ shares were exchanged. 178 scrips closed in the green, 153 in the red, and 17 stayed unchanged at the close of trading.
Overall trading volumes fell to 186.35 million shares, down from 186.35 million on Tuesday. During the day, Rs6.80 billion worth of shares were traded.
With 13.62 million shares traded, Bank of Punjab was the most active, dropping Rs0.15 to settle at Rs7.80. Telecard Limited came in second with 12.29 million shares traded, up Rs0.59 to Rs15.34, and WorldCall Telecom came in third with 0.02 million shares traded, up Rs0.02 to Rs11.55.