KSE-100 index gains 120.74 points to settle at 45,132.92.
In a historic move, govt approved several incentives to facilitate the IT sector.
Shares of 348 companies were traded during the session.
KARACHI: The Pakistan Stock Exchange resumed its upward march on Wednesday aided by strong economic cues and the announcement of an incentive package for the IT and telecom sector by the government.
On Tuesday, in a historic move, the government approved several incentives to facilitate the information technology (IT) and IT-enabled services (ITeS) sectors, freelancers, and startups.
The announcement brought the technology stocks on the investors’ radar as they enticed fresh flows into the tech sector.
The KSE-100 index spiked as soon as trading began, however, the momentum was broken as investors resorted to profit-booking that erased a few of the gains by the end of the session. Bullish investor spirits helped the index end the day on a positive note.
At the close, the benchmark KSE-100 index gained 120.74 points, or 0.27%, to settle at 45,132.92 points.
A report from Arif Habib Limited noted that the market remained volatile today due to political unrest and higher commodity prices.
“Cement sector remained under pressure due to higher international coal prices,” it said.
Sectors contributing to the performance included cement (+69.3 points), banks (+48 points), automobile assembler (+19.1 points), tobacco (+11.6 points) and technology (+11.4 points).
Shares of 348 companies...
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