KARACHI: Pakistan Stock Exchange (PSX) managed to break the bearish spell for the first time this week as favourable news from the macroeconomic front raised hope amongst investors to provoke them for fresh buying.
The Karachi Share Index (KSE-100) ended the day 33.42 points (0.07 per cent) up at 47,480.50 points against the previous closing of 47,447.08 points. The market went as high as 47,585.18 points during intra-day trading while recorded as low as 47,439.89 points.
Trading volumes inclined to 496.82 million shares today compared to 474.99 million shares during the previous trading day. The daily traded value also moved up to Rs16.24 billion from Rs14.32 billion in the last session, the data said.
It seems the market was waiting for some positive news on levels where buying was legitimate, and the report of a record increase in remittances gave them the reason to change the mood, traders and analysts said. However, it will need a continuous flow of positive news and developments to keep it on recovery mood near and above 47,500 points barrier, they added.
According to the latest data shared by the State Bank of Pakistan, remittances continued their unprecedented streak of staying above $2 billion for a record 13th consecutive month. In June 2021, inflows of around $2.7 billion were recorded with a 9% year-on-year growth.
Seasonal pre-Eid inflows have helped to boost remittances levels during June. On a cumulative basis, remittances rose to a historic annual high of $29.4 billion. This has helped improve the country’s external sector position despite the challenging global economic conditions in the past year. Remittances registered a substantial 27% growth in FY21 over last year, the fastest expansion rate since FY03.
The share price of Unilever Foods increased by Rs281 to Rs16,470, while Khyber Tobacco gained Rs32.62 to Rs467.59. On the other hand, Nestle Pakistan lost Rs59.99 today to close at Rs5,815.01 while Bata Pakistan lost Rs45 to close at Rs1,690.