KARACHI: Pakistan Stock Exchange (PSX) managed to regain upward trend on Thursday on the back of fresh buying by investors as the previous days fall pushed the share prices at very attractive levels. The rally in energy, oil, cement and bank sector helped the benchmark index close above 44,500 points level.
The Karachi Share Index (KSE-100) gained 787.78 points (1.79%) after closing at 44,741.34 points against the previous closing of 43,953.58 points. The market went as high as 44,759.37 points during intra-day trading, while recording as low as 43,953.58 points.
Trading volume inched up to 383.15 million shares today, as compared to 370.5 million traded in the previous session, according to Pakistan Stock Exchange (PSX)’s website data. The daily traded value declined to Rs 17.9 billion from Rs 20.34 billion in the previous session, the data said.
The market opened the day in positive as the benchmark KSE-100 Index managed to breach above 44,000 points level in the first few minutes of the trade. With the continued appreciation, the benchmark index reached near 44,500 points psychological barrier by noon. After remaining at the mid for a few hours the index moved further up to close far above the psychological barrier.
Traders and analysts said the market was already down after four-day decline during the previous week and yesterday’s fall took share prices to the levels where fresh investment became very attractive.
The share price of Rafhan Maize increased by Rs350 to Rs9,850, while Bata Pakistan gained Rs80 to Rs1,940. On the other hand, Indus Motor Company lost Rs13.18 today to close at Rs1,122.18, while Imrooz Modarba lost Rs12.22 to close at Rs150.78.