KARACHI :(Web Desk)- The Pakistan Stock Exchange (PSX) edged up on Tuesday in guarded trade as investors priced in the government’s economic measures announced by Prime Minister Imran Khan.
Investors opted to make fresh investments in stocks that had fallen to attractive valuations due to the last week’s bear run.
The market players cheered the relief package announced by the government, under which the price of petrol and diesel was slashed by Rs10 per litre and electricity prices were reduced by Rs5 per unit.
The federal government further augmented cheap loans for low-cost housing and removed capital gains tax on startups. Meanwhile, the cabinet gave a nod to the third tax amnesty in order to promote industrialisation in the country.
At the close, the benchmark KSE-100 index gained 342.57 points, or 0.77%, to settle at 44,803.58 points.
“The relief package was announced for the masses to curb the impact of inflation and enhance support to the most vulnerable class of the society for the next four months till budget,” it said.
The brokerage house stated that the headline inflation for the month of February clocked in at 12.24% year-on-year compared to 8.7% in February 2021 and 12.96% in January 2022, respectively.
On a month-on-month basis, the CPI reading increased by 1.15%.
Sectors contributing to the performance included exploration and production (+145.8 points), technology (+100.6 points), chemicals (+34.7 points), power (+20.6 points) and banks (+16.1 points).
Shares of 364 companies were traded during the session. At the close of trading, 226 scrips closed in the green, 117 in the red, and 21 remained unchanged.
Overall trading volumes rose to 309.34 million shares compared with Monday’s tally of 208.12 million. The value of shares traded during the day was Rs10.44 billion.