pakistan stock exchange psx the correspondent

Historic Move: Government Approval of IT Incentives Lifts PSX

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The Pakistan Stock Exchange (PSX) took a historic decision and approved the incentives for the facilitation of the information technology (IT) and IT-enabled services (ITeS) sectors, startups, and freelancers. After the announcement by the PSX, the technology stocks grabbed investors’ attention which led to the fresh flow into the tech sector. The KSE-100 surged as the trading started. Due to this notable move, the benchmark KSE-100 gained 120.74 points which enabled the index to end the day on a positive note.

The shares of 348 companies underwent a trading process during this session. As the KSE-100 index rose, the momentum was broken as investors resorted to profit-booking. However, as per the report from Arif Habib Limited, the market stayed volatile owing to political unrest and higher commodities.

The overall trading volumes dropped to 186.35 million shares and the value of share trading during that day was RS6.80 billion. Moreover, the leader of the volume was Bank of Punjab with 13.63 million losing to Rs0.15, followed by Telecard Limited with 12.29 million traded shares.

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