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Intra-day update: Bullish momentum continues at the bourse, KSE-100 up 400 pts

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Bulls continued to dominate at the Pakistan Stock Exchange (PSX), as the benchmark KSE-100 Index was up over 400 points during trading on Wednesday.

At around 12:40 pm, the benchmark index was hovering at 48,643.30, an increase of 412.80 points or 0.86%.

On Tuesday, the index had extended gains for a 9th consecutive session amid upbeat economic indicators to settle with an increase of 195.91 points or 0.41% to finish at 48,230.51.

Meanwhile, on Wednesday, buying was witnessed in index-heavy sectors, including the oil and gas exploration sector, OMCs, chemical and engineering.

A mixed trend was witnessed in commercial banks, automobile assemblers and cement sectors.

The stock market has remained positive since the approval of the International Monetary Fund (IMF) $3 billion Stand-By Arrangement last month.

Experts also said the E&P sector was particularly positive over news that Barrick Gold had agreed to pay Pakistan’s share of investment in Pakistani rupees.

The understanding was reached during a meeting between Prime Minister Shehbaz Sharif and a delegation of Barrick Gold Corporation led by the company’s Chief Executive Officer Mark Bristow on Tuesday.

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