The Pakistan Stock Exchange (PSX) on Wednesday closed almost flat, with the benchmark KSE-100 erasing intraday losses near the end of the day to close at 40,733 with a gain of 8.5 points.

The index experienced a bearish session throughout the day except for the last few minutes when the benchmark showed steep upward movement that recouped all the losses.

The market bottomed out at 40,224 before gaining momentum to rebound, hitting a high of 40,872 minutes before the day's close.

Around 138 million shares worth Rs6.2 billion were traded. Of the 366 scrips traded in the day, 147 advanced, 202 declined and 17 remained unchanged.

"Stocks closed sharply higher led by scrips across the board on institutional interest in the earning season rally on robust sales data for Sep'17 in oil and cement sector," said Ahsan Mehanti of Arif Habib Corporation.

He added that the rising exports, foreign inflows, reports of rising local cement prices and subdued political noise played a catalyst role in bullish close at the PSX.

The chemical sector dominated the day's trading with 22.8 shares traded. The engineering and the cement sectors followed by 20mn and 13.5mn shares respectively.

Volumes were led by: Engro Polymer: 21.2m shares traded [+4.82pc];

Azgard Nine: 8.9m sahres traded [-1.49pc];

Aisha Steel Mill: 8.8m shares traded [-0.39pc];

Dost Steels Ltd: 7.6m sahes traded [0.74pc];

K-Electric Ltd: 6.2m shares traded [-0.16pc].

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

Opinion

Editorial

Kurram atrocity
Updated 22 Nov, 2024

Kurram atrocity

It would be a monumental mistake for the state to continue ignoring the violence in Kurram.
Persistent grip
22 Nov, 2024

Persistent grip

PAKISTAN has now registered 50 polio cases this year. We all saw it coming and yet there was nothing we could do to...
Green transport
22 Nov, 2024

Green transport

THE government has taken a commendable step by announcing a New Energy Vehicle policy aiming to ensure that by 2030,...
Military option
Updated 21 Nov, 2024

Military option

While restoring peace is essential, addressing Balochistan’s socioeconomic deprivation is equally important.
HIV/AIDS disaster
21 Nov, 2024

HIV/AIDS disaster

A TORTUROUS sense of déjà vu is attached to the latest health fiasco at Multan’s Nishtar Hospital. The largest...
Dubious pardon
21 Nov, 2024

Dubious pardon

IT is disturbing how a crime as grave as custodial death has culminated in an out-of-court ‘settlement’. The...