KARACHI: The overnight reaching of a consensus between PML-N and PPP on the formation of a coalition government, dubbed PDM 2.0, brought clarity on the political front to a greater extent as a result the benchmark KSE 100-share index staged a robust rally to settle above 61,000 level on Wednesday.

Topline Securities Ltd said the stock market maintained a positive tre­nd throughout the session reaching an intraday high of 61,621 and a low of 60,907 points as optimist investors began strengthening their positions hoping the power-sharing formula of the next government would end the uncertainty.

This upward movement was driven by Oil and Gas Development Company Ltd, Lucky Cement, Pakis­tan Petroleum Ltd, United Bank Ltd and TRG Paki­stan, collectively contributing 322 points to the index’s rally. Ahsan Mehanti of Arif Habib Corporation said rep­orts of reduction in profit rates on the national savings schemes and surging Pakistan Eurobonds also boosted market sentiments.

As a result, the KSE-100 index closed at 61,559.16 points after rallying by 1,094.91 points or 1.81 per cent from the preceding session.

The overall trading volume eased 0.45pc to 362.77 million shares. The traded value, however, soared 14.31pc to Rs12.49bn on a day-on-day basis.

Stocks contributing significantly to the traded volume included Bank of Punjab (35.43m shares), K-Electric (28.61m shares), WorldCall Telecom Ltd (21.42m shares), Cnergyico PK Ltd (18.30m shares) and The Searle Company Ltd (17.62m shares).

Shares registering the biggest increases in their share prices in absolute terms were Indus Motor Com­pany Ltd (Rs53.66), Mari Petroleum Ltd (Rs­45.11), Highnoon Labo­rato­ries (Rs37.90), Service Ind­u­s­­tries Ltd (Rs37.44) and Abbott Laboratories (Rs33.38).

Companies registering the biggest decreases in their share prices in absolute terms were Pakistan Services Ltd (Rs50.00), Thal Ltd (Rs9.46), Tata Textile Mills Ltd (Rs5.30), Gadoon Textile Mills Ltd (Rs4.40) and Ittehad Chemicals Ltd (Rs3.43).

Foreign investors rema­ined net sellers as they offlo­aded shares worth $0.14m.

Published in Dawn, February 22nd, 2024

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Tough talks
Updated 16 Apr, 2024

Tough talks

The key to unlocking fresh IMF funds lies in convincing the lender that Pakistan is now ready to undertake real reforms.
Caught unawares
Updated 16 Apr, 2024

Caught unawares

The government must prioritise the upgrading of infrastructure to withstand extreme weather.
Going off track
16 Apr, 2024

Going off track

LIKE many other state-owned enterprises in the country, Pakistan Railways is unable to deliver, while haemorrhaging...
Iran’s counterstrike
Updated 15 Apr, 2024

Iran’s counterstrike

Israel, by attacking Iran’s diplomatic facilities and violating Syrian airspace, is largely responsible for this dangerous situation.
Opposition alliance
15 Apr, 2024

Opposition alliance

AFTER the customary Ramazan interlude, political activity has resumed as usual. A ‘grand’ opposition alliance ...
On the margins
15 Apr, 2024

On the margins

IT appears that we are bent upon taking the majoritarian path. Thus, the promise of respect and equality for the...