KSE-100 index increases 0.58%

Staff Reporter

The stock market continued its advance for the second day on Wednesday as the benchmark KSE-100 index gained around 260 points, but trading remained mostly range bound.

Investor optimism on the first day of Ramazan came on the back of approaching corporate earnings season, which sparked a rally and helped sustain the positive momentum.

Upbeat automobile sales data, which showed a robust growth of 198% in March 2021, kept the investment climate buoyant.

The bourse kept swinging between red and green zones and although it largely remained in the green, the nervousness in the wake of countrywide protests and rising coronavirus cases was very well noted.

At close, the benchmark KSE-100 index recorded an increase of 262.65 points, or 0.58%, to settle at 45,311.22 points.

Buying activity was observed in cyclical sectors such as auto, cement and steel. Among oil and gas marketing companies, Sui Northern Gas Pipelines performed and refinery and technology stocks also fared well where NetSol hit its upper circuit.