Closing Bell: Budget amendments bring highest post-election returns on stock market

The stock market took a massive staggering turn as KSE-100 up surged by 1.77%, the highest gain on index since the new government came into power. The index reached 41,238 points by the end of its trading session, having gained a whopping 717 points.

The market was initially in a state of bewilderment from the fear of further cost pressures from the Mini-Budget that the Government was due to announce today. Post announcement of budgetary measures, the market showed improvement and many fears were ousted by the amendments introduced in the Finance Act. Some relief measures announced for the export oriented industry also positively affected listed scrips which import raw material for local usage, such as flat steel.

Curbed within a range of 832 points, the index moved to an intraday high of 41,270 and an intraday low of 40,438 points. Around 83 million shares of the 94 companies listed on the KSE-100 were traded, having a worth of approximately 5.5 billion.

Within KSE-100, 80 companies witnessed their stock price lifting, whereas 11 companies experienced downfall in theirs. Conversely, stock prices of 3 companies remained unchanged.

The massive uplift in the market was prompted by Cement, Fertilizer, Commercial banks and Oil & Gas Exploration Companies as they collectively contributed around 411 points to the index.

Among the index heavy weights, LUCK (+4.95%), ENGRO (+3.03%), PPL (+1.8%), EFERT (+3.63%) and HBL (+1.55%) triggered the rise of the index.

Likewise, the broader KSE All Share gained 389.68 points by the day end, closing in at 30,076 points. An intraday high of 30,087 points was recorded for the KSE All Share index, while the intraday low sunk to 29,645 points today.

Over 166 million shares of the scrips listed within the broader KSE All Share Index were traded today, with its value recorded at Rs.7.5 billion.

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