The approval of the federal budget 2021-22 by parliament on Tuesday lent support to the uptrend. Overall, market players were optimistic as they anticipated that the positive momentum would continue in the new financial year.
Earlier, trading kicked off on an upbeat note, however, the gains were erased in the afternoon and the index fell into the negative zone. Later, strong investor sentiment triggered cherry-picking, which continued for the rest of the day, helping the market post moderate gains.
At close, the benchmark KSE-100 index recorded an increase of 218.25 points, or 0.46%, to settle at 47,356.02.
Arif Habib Limited, in its report, stated that the last day of FY21 saw brisk trading, which pointed to the balancing of portfolio positions by institutional investors. As a result, the index posted gains.
“The banking sector witnessed aggressive buying of MCB and NBP stocks in the last half hour, whereas refineries saw life coming back to an otherwise slow-moving Pakistan Refinery and Attock Refinery stocks,” it said.
The technology sector was muted whereas the exploration and production sector inched up after previous day’s onslaught.