September 10, 2021(MLN): The bullish momentum continued at the local bourse on Friday that supported the benchmark KSE-100 index to extend its advance by 573.17 points to settle at 47,198.29, driven by encouraging workers’ remittances data.

Investors cheered the upbeat Remittances from overseas Pakistani that continued their strong trend, reaching $2.66 billion in August 2021, up by 27% YoY, which is a decade-high growth rate for that month, raising hopes that they would provide key support to rupee and foreign exchange reserves by bridging the balance of payments.

The Index remained positive throughout the session touching an intraday high of 47,226.11.

Of the 97 traded companies in the KSE100 Index, 67 closed up 28 closed down, while 2 remained unchanged. Total volume traded for the index was 174.65 million shares.

Sectors propping up the index were Cement with 132 points, Technology & Communication with 128 points, Commercial Banks with 114 points, Miscellaneous with 55 points and Pharmaceuticals with 41 points.

The most points added to the index was by MEBL which contributed 99 points followed by TRG with 77 points, LUCK with 73 points, SYS with 50 points and PSEL with 48 points.

Sector wise, the index was let down by Power Generation & Distribution with 19 points, Synthetic & Rayon with 2 points, Real Estate Investment Trust with 1 points, Textile Weaving with 1 points and Textile Spinning with 1 points.

The most points taken off the index was by HUBC which stripped the index of 18 points followed by MCB with 16 points, PPL with 12 points, HBL with 7 points and SCBPL with 4 points.

All Share Volume increased by 31.01 Million to 427.45 Million Shares. Market Cap increased by Rs.85.37 Billion.

Total companies traded were 528 compared to 525 from the previous session. Of the scrips traded 308 closed up, 203 closed down while 17 remained unchanged.

Total trades increased by 5,523 to 141,692.

Value Traded increased by 1.64 Billion to Rs.18.18 Billion

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