KARACHI: The positive momentum from the previous day continued on the Pakistan Stock Exchange on Wednesday on the back of the rupee’s continued strength against the dollar.

Arif Habib Ltd said the index remained in the positive zone throughout the day as investors accumulated value stocks. The trading volume continued to swell in main-board shares while third-tier stocks attracted the limelight.

In addition to the rupee’s appreciation, investors’ confidence also received a boost on the reduction in the trade deficit for September, said JS Global. It recommended that investors should avail any downside as an opportunity to buy stocks in cement, steel and technology sectors.

As a result, the KSE-100 index settled at 41,611.42 points, up 260.99 points or 0.63 per cent from the preceding session.

The trading volume increased 7.1pc to 635.6 million shares while the traded value went up 13.4pc to $47m on a day-on-day basis.

Stocks contributing significantly to the traded volume included WorldCall Telecom Ltd (365.1m shares), Telecard Ltd (23.1m shares), TRG Pakistan Ltd (21.7m shares), Flying Cement Ltd (14.1m shares) and G3 Technologies Ltd (13.9m shares).

Sectors that contributed to the index performance were technology (120.5 points), cement (109.1 points), fertiliser (23.8 points), exploration and production (22 points) and engineering (11.1 points).

Companies registering the biggest increase in their share prices in absolute terms were Rafhan Maize Products Company Ltd (Rs550), Unilever Pakistan Foods Ltd (Rs500), Mari Petroleum Company Ltd (Rs47.38), Reliance Cotton Spinning Mills Ltd (Rs29.85) and Gatron Industries Ltd (Rs27.90).

Shares that declined the most in rupee terms were Allawasaya Textile and Finishing Mills Ltd (Rs275.70), Sanofi-Aventis Pakistan Ltd (Rs89.23), Pakistan Services Ltd (Rs55.88), Premium Textile Mills Ltd (Rs54.50) and the Thal Industries Corporation Ltd (Rs20.77).

Foreign investors remained net buyers as they purchased shares worth $3.45m.

Published in Dawn, October 6th, 2022