Pakistan Stock Exchange (PSX) managed to regain an upward trend after a three-day fall as investors went for fresh buying. Meanwhile, COVID-19 infection rates eased below 7 per cent supporting market hopes for normal business activities in the coming weeks.
The Karachi Share Index (KSE-100) ended the day with 345.66 points (0.74 percent) up at 47,258.45 points against the previous day’s closing of 46,912.79 points. The market went as high as 47,271.15 points during intra-day trading while as low as 46,912.79 points.
Overall, market sentiments remained positive as the number of companies that ended the day with a gain in share prices were higher compared to losers. Shares of 461 companies were traded, of which 332 registered an increase and 110 recorded a fall, while 19 remained unchanged.
The market capital inclined by Rs48.4 billion, while total value traded increased by Rs1.3 billion to Rs11.47 billion. The volume at the Pakistan stock market inched down from 251 million shares recorded in the previous session to 246 million shares.
The market started the day in positive mood and breached above 47,000 points support level in the first few minutes of the trading day. Investors seemed to be ready for buying on prices on the discount levels followed by a correction of around 399 points in the benchmark KSE-100 Index. The government’s statements regarding the situation in Afghanistan seems to ease fear of any negative impact on Pakistan’s foreign policy status, which supported investors’ confidence.
The share price of Colgate Palmolive increased by Rs69.99 to Rs2,769.99, while Allawasaya Textile gained Rs31.79 to Rs455.71. On the other hand, Wyeth Pakistan Limited lost Rs139.96 today to close at Rs1,726.23, while Ismail Ind. lost Rs31.27 to close at Rs392.03