PSX remains bullish as foreign investment prospects get brighter
Business
Oil and gas marketing, exploration companies as well as refineries again leads the way
KARACHI (Web Desk) – The Pakistan Stock Exchange (PSX) continued sustaining the bullish trend on Wednesday amid the rising expectations of Pakistan being able to attract foreign investment as the KSE-100 Index gained 534.05 points, or 1.11 per cent.
By the time trading was closed, the KSE-100 Index was recorded at 48,764.55 after a daily high of 48,852.05 against the previous level of 48,230.50.
It means the market is moving in the upward trajectory since July 20 – showing the confidence investors have in the government policies despite the increase in POL prices and utilities’ tariffs.
Meanwhile, the oil and gas companies as well refineries remained the main force behind this surge – a trend visible during the recent sessions where the benchmark KSE-100 Index also crossed the 48,000 mark for the first time since August 2021.
Read more: Oil and gas companies propel KSE-100 Index by over 950 points
Experts and investors have been saying that the entities involved in marketing and exploration were trading, below their potential value for a long period due to multiple factors. Hence, the prospects of Gulf States investing in the sector, including other minerals, helped the investors showing their confidence in the future profitmaking.
Meanwhile, some commercial banks as well as tech and telecommunication companies too were among the top performers.
On Tuesday, the KSE-100 Index saw a total trading volume of over 36.51 million [365,118,015 to be exact] shares with CYNERGY being the leader with 92,885,768 shares. It was followed by Bank of Punjab 46,963,000, Oil and Gas Development Company 28,363,659, Unity Foods 26,679,202 and Habib Bank 18,674,995.
Out of the 94 companies offering their shares for trading, the prices of 64 went up, 29 dipped while one remained unchanged.
As far as the advancers are concerned, Thal Limited saw its share price surge by 7.50pc followed by Oil and Gas Development Company 7.21pc, CYNERGY 7.12pc, Habib Bank 6.83pc, and Fauji Fertilizer Bin Qasim 6.24pc.
Meanwhile, the share prices of Gadoon Textile Mills, K-Electric, Mughal Iron and Steel, International Industries and Pakistan Telecommunication Company were down by 2.59, 2.48pc, 2.02pc, 1.93pc and 1.70pc respectively.
