KARACHI: The Pakistan Stock Exchange (PSX) came back in recovery mood and regained upward momentum after taking corrections for two straight days. The investors came back with fresh buying on the back of positive news flow from the corporate sector and encouraging macroeconomic indicators.

The Karachi Share Index (KSE-100) ended the day 473.87 points (0.99 percent) down at 48,251.49 points against the previous closing of 47,777.62 points. The market went as high as 48,288.29 points during intra-day trading, while recorded as low as 47,777.62 points.

Trading volumes inched down to 1 billion shares today, as compared to 1.35 billion shares yesterday, while the daily traded value also increased to Rs26.3 billion from Rs23.18 billion in the previous session, the data said.

The market started the day in positive as the pressure from the buying side pushed the Index in fast recovery trend. The fresh investments pushed the Index above 48,000 points levels within the first two hours of the trade. However, the market behaved range-bound so far as the next physiological barrier in sight.

Traders and analysts said the previous two day corrections provided a strong base to market for recovery. The selling pressure in last two days was due to profit-taking that cannot be termed as negative. Investors are expected to stay active in the market as the corporate announcements and economic statistics are favorable, they added.

According to the State Bank of Pakistan (SBP) remittances continued their exceptional streak in May 2021, remaining above $2 billion for a record 12th straight month. Remittances received during May 2021 amounted to $2.5 billion, 33.5 per cent higher than the same month last year. These were also higher than the monthly average of $2.4 billion during July-April FY21.

Federal Minister for Finance and Revenue Shaukat Tarin on Thursday said that in terms of growth rate, Pakistan was ahead of targets set by the government and International Monetary Fund (IMF) for the outgoing fiscal year. Tarin said this while presenting the Economic Survey of Pakistan 2021.  “The economy is recovering,” he said.

He said the government had expected the economy to grow by 2.1% this year and the funding organisations like IMF, World Bank, had released ever lower estimate.

The share price of Rafhan Maize increased by Rs 298 to Rs9,898 while Island Textile gained Rs 125.88 to Rs 2,335. On the other hand, Wyeth Pakistan Limited lost Rs 65.19 today to close at Rs 2,167.40 while Mehmood Textile lost Rs 35 to close at Rs 470.

The author is a senior business and economy journalist . He has worked for leading local and international news organisations.

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