PSX witnesses bullish trend as benchmark index gains 123 points
A total of 253,882,830 shares were traded compared to the trade 222,325,260 shares
KARACHI (Dunya News) – Pakistan Stock Exchange on Tuesday witnessed bullish trend as the KSE-100 Index closed today at 41,768 points as compared to 41,699 points on previous working day with positive change of 123 points (0.3%).
A total of 253,882,830 shares were traded compared to the trade 222,325,260 shares during the previous day, whereas the value of shares traded during the day stood at Rs14.5 billion compared to Rs11.3 billion during last trading day.
Total 371 companies transacted shares in the Stock Market on Tuesday, out of which 121 recorded gains and 233 sustained losses whereas the share price of 17 companies remained unchanged.
The three top traded companies were, FFL with a volume of 40,589,000 shares and price per share of Rs16.81, HASCOLR1 with a volume of 35,641,500 and price per share of Rs12.86, and UNITY with a volume of 26,213,000 and price per share of Rs15.54.
On Monday, the PSX continued its upward trend as the KSE-100 index closed today at 41,644.88 points with a positive change of 728.29 points.
On Friday, the KSE 100-share Index closed at 40,916.59 after gaining 184 points or 0.5 per cent on a weekly basis, and continued the positive streak for the seventh consecutive week. It was supported by buying interest in stocks of oil companies.
The index was last seen trading above 41,000 points in February 2019. So far, the market has regained over 11,000 points after hitting a five-year low at 28,671 points in August 2019. The index has been lifted by 7,259 points or 21.6 per cent in the last seven weeks.
“There is a general belief that after these index adjustments, the support from key players will increase in upcoming sessions,” dealers had said for the stock observation last week.
After amassing a run up of 10 per cent in the last month, the KSE100 index during last week traded around the psychological level of 41,000 index points.
Foreign investors were net sellers of shares during the week, accumulating positions worth $5.8 million.
Among local investors, companies and brokers moved in the same direction as the foreign investors’ portfolio cumulative net sold $10.20 million.
This was, however, offset by individuals, mutual funds and insurance companies, who cumulatively net bought $15.41 million.
“While the market lose its momentum during the week, the improving macroeconomic indicators coupled with higher central bank reserves could keep market participants interested”, an analyst from Habib MetroFinancial had said.
“We believe the index will continue its upward journey as the economy depicts signs of resurrection”, an analyst from Arif Habib had said.
Improvement on the external front together with stability in the Pakistani Rupee is expected to reassure foreign investors.
Meanwhile, inflationary readings are set to touch peak in January 2020 with an imminent interest rate cut to follow, domestic investors remain jubilant as well, he said.
