KARACHI: Pakistan Stock Exchange (PSX) surged on Wednesday and closed on a positive note as the stock market appeared optimistic over the new fiscal year.
The benchmark KSE 100 index increased by 218.25 points (0.46%) and closed at 47,356.02 points. The bourse surged in early trading session and reached the highest point of 47,460.31 points. It eventually dipped in later day trading and reached the lowest point of 47.137.77 points. The total volume of shares was 152.999 million valued at Rs8.532 billion.
The lower-bench KSE 30 index increased by 51.79 points (0.27%) and closed at 18,961.90. The total volume of shares was 51.969 million. The KMI 30 index gained 334.32 points (0.44%) and closed at 76,621.54 points, while the All-Share Index increased 226.70 points (0.70%) and closed at 32,479.82 points.
The most active stock was Silkbank Ltd (SILK -2.43%) which saw 44.203 million shares traded at the stock market. This was followed by World Call Ltd (WTL 01.28%), TPL Corp Ltd (TPL 7.12%) and Fauji Food Ltd (FFL -2.75%). The total volume of scripts was 43.244 million, 31.849 million, and 27.543 million respectively.
The market sentiment was improved after the approval of Finance Bill in parliament as the stock market staged a rebound for the second consecutive day.
The sentiment of investors turned positive after the approval of the federal budget and they assumed fresh positions. Market participants remained optimistic about the new fiscal year beginning July 1.
The total volume of the federal budget for fiscal year 2021-22 is Rs8.48 trillion with allocation of Rs2,135 billion under the Public Sector Development Programme (PSDP) – an increase of 37% from last year’s development allocations.
In the budget, Rs900 billion is earmarked for federal PSDP, Rs 12 billion for agriculture sector, Rs118 billion for power distribution, Rs 61 billion for Viability Gap Fund, Rs14 billion for Climate Change mitigation projects, Rs 100 billion for COVID-19 Emergency Fund and Rs 12 billion special grant for Sindh.
Similarly, an amount of $1.1 billion is specified for vaccine procurement, Rs66 billion for Higher Education Commission for education programmes and Rs44 billion under the development fund in the budget.
