Index surges as bulls roar back at Pakistan Stock Exchange
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The share prices staged a strong comeback on Wednesday with buyers again indulging in all-out buying driving the index to surge massively, reported 24NewsHD TV channel.
As the business was set into motion after a day’s breather, the bourse responded with a bang with the benchmark KSE-100 index surging by over 2,000 points but later it shed a few hundreds of them and after 11:00 am it was trading at 110,594.78 points up by 1,698.13 points or 1.54 percent.
So far, share prices of 423 companies were traded with 312 of them going up while rates of 87 companies went down.
The trading on Wednesday started after a gong ceremony was held at Pakistan Stock Exchange (PSX) which was attended by participants of Islamic Capital Conference.
Analysts said the cash injection in the form of International Monetary Fund’s loan disbursement and further talks on climate funding, the proverbial bulls have been galloping for the last more than a month. Another reason for the current market sentiment is SBP’s upcoming meeting on policy rate cut. The Central Bank’s Monetary Policy Committee is expected to meet on Dec 16.
Earlier, on Tuesday the trading began on a bullish note, driven by robust buying interest in key sectors following encouraging macroeconomic developments. However, the gains were short-lived as investors opted to lock in profits, especially in heavyweight sectors, leading to a sharp decline.
The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index decreased by 1,073.74 points or 0.98 per cent to 108,896.65 points. The highest index of the day remained at 111,759.58 points while the lowest level was recorded at 107,711.40 points.
Traded shares decreased by 49 million shares to 1,548.302 million shares from 1,597.868 million shares. The trading value rose to Rs68.805 billion from Rs60.251 billion. Market capital narrowed to Rs13.891 trillion against Rs14.027 trillion. Of the 469 companies active in the session, 106 closed in green, 329 in red and 34 remained unchanged.
Reporter: Ayaz Rana