The Pakistan Stock Exchange witnessed consolidation on the last day of the week. The KSE100 index gained 53 points to reach at 48,305.
Trading for the day remained listless with the KSE100 index hovering around its starting point for most of trading. The index did remain in the green throughout while volumes also saw a significant increase over the previous day.
All eyes were on the budget announcement which will highlight key measures for industries in the upcoming year. Announcement of a 2.5% reduction in sales tax on the liquidation of securities will provide the PSX with a boost in the coming days.
European shares reached record highs as economies showed signs of a swift recovery from the global pandemic. Oil markets are also on track for a third weekly rise on expectations of a strong demand recovery as global travel restriction begin to ease up.
At the closing bell 184 companies had advanced with 180 closing in the red. 19 scrips remained unchanged.
Market participation for the KSE100 Index increased to PKR 374M from PKR 297M (26% on d/d basis). Major contribution to total market volume came from WTL, BYCO and AGL combined for 277M shares out of the total market volume of 1,024M shares.