The Pakistan Stock Exchange continued to gain on Wednesday. The KSE100 index closed 362 points in the positive to reach 42,027.

Once again the exchange remained in the green during the entire session. First half of trading saw some selling pressure at the technical barrier of 42,000. During the second half the index was able to breach that level and posted a close above it.

Sentiments at the exchange were exuberant after the FBR announced that capital gains tax (CGT) would now be collected once a year instead of month on month basis. Furthermore, the roll out of vaccines in various countries across the world helped positivity as the end of the pandemic is expected to be in sight.

Inflation figures for the month of November were also announced at 8.35% year-over-year (YOY). This shows a considerable decline from the previous month which was recorded at 8.91% YOY. The countries exports also showed a considerable recovery with a 7.2% rise YOY for November. Advisor to PM on Commerce and Investment Abdul Razaq Dawood stated that the rise in exports allowed November to be the highest in 30 months.

Positive momentum continued at the equity markets globally as markets reacted to the beginning of administration of the Covid-19 vaccine. The UK has approved the Pfizer vaccine for use in the general public which could pave way for other regulatory bodies.

At the closing bell a total of 213 companies were in the green with 119scrips posting a decline. 37 companies remained unchanged.

Market participation for the KSE100 Index increased to 281M from 300M in the previous session (-6% on d/d basis). Major contribution to total market volume came from UNITY, TRG and PRL accounting for a total of 113M shares out of the total market volume of 477M shares.