Stock market rises 473 to settle at 48,251 points

Karachi: A day before the announcement of the federal budget, the Pakistan Stock Exchange (PSX) had a positive trading day with the KSE 100 Index closed at 48251 with an increase of 473 points.

A total of 1.3 billion shares were traded in the market, with a turnover of Rs26.35 billion.

Market capitalization has increased by Rs58 billion to Rs. 8350 billion.

The KSE-100 index climbed close to 500 points as the release of Pakistan Economic Survey 2020-21 sparked optimism among investors.

Encouraging remittances data, unveiled earlier in the day, lifted the index above 48,000 points.

Earlier, trading began on a positive note and the index rose steadily till midday. The market also got support from the release of the Economic Survey, but later the rising index graph flattened and minor ups and downs were witnessed for the rest of the day.

At close, the benchmark KSE-100 index recorded an increase of 473.87 points, or 0.99%, to settle at 48,251.49.

Overall trading volumes fell to 1.04 billion shares compared with Wednesday’s tally of 1.36 billion.

The value of shares traded during the day was Rs26.4 billion.

Shares of 417 companies were traded. At the end of the day, 276 stocks closed higher, 117 declined and 24 remained unchanged.

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