Stocks stay bullish as weak-rupee euphoria persists
KARACHI: Stocks extended their euphoric rise for the second day on Wednesday, triggered by the surprise devaluation of the rupee by 4 per cent a day earlier. The KSE-100 index gained 336 points (0.80 per cent) to close at 44,646.
Banks remained in the spotlight yet again, as investors speculated an interest rate hike by the State Bank of Pakistan in the upcoming monetary policy review. The heavyweight stock Habib Bank contributed almost one-third to the index’s rise. Overall banking sector added 274 points to the index.
Fertiliser added 54 points, exploration and production 39 points, oil and gas marketing companies 18 points and technology 16 points.
The volume dropped by 6pc over the previous day to 207 million shares while the traded value declined by 17pc to Rs.9.11 billion. Lotte Chemical reappeared as the volume leader with 16.5m shares changing hands, followed by TRG Pakistan, Sui Southern Gas Company, Unity Foods and Nimir Resins Ltd.