PSX soars as benchmark index gains 621 points

The Pakistan Stock Exchange (PSX) soared on Wednesday, with the benchmark KSE-100 index gaining 621 points, up 1.57 per cent, a day after the government finalised its team to manage the country’s finances in the absence of Finance Minister Ishaq Dar.
The other good news for brokers came earlier this week as the Securities and Exchange Commission of Pakistan (SECP) undid some of the stern actions taken by its former management.
The index today opened higher and continued on an upward trajectory for most of the session, hitting the day’s high of 40,161 before closing at 40,147.
Volumes also picked up from Tuesday with over 199 million shares worth Rs9.3 billion traded in the day as 223 of the 360 traded scrips advanced while 119 declined and 18 remained unchanged.
The technology and communication sector dominated trading by a margin with 33.7m shares traded.
Mutual funds were on an unusual buying spree in the session, ending as net buyers of 667m shares.