KARACHI: Pakistan Stock Exchange (PSX) maintained an upward rally for the fifth day in a row as the news from the economic, political and COVID-19 front. The Benchmark KSE-100 Index managed to consolidate above 46,000 points mark.
The Karachi Share Index (KSE-100) ended the day 203.55 points (0.44 per cent) up at 46,300.66 points against the previous closing of 46,097.11 points. The market went as high as 46,371.69 points during intra-day trading, while recorded as low as 45,047.66 points.
Trading volume moved down to 677.38million shares today as compared to 766.6m traded in the previous session, according to PSX website data. The daily traded value inclined to Rs 21.5billion from Rs 19.9bn in the previous session, the data said.
Traders and analysts said the market opened the day in positive mood as an extension of the previous two-day trend, however, the swift application in share prices provoked some profit-taking before noon. The intra-day correction created ground for another round of fresh but selective buying by investors.
According to the data released by the State Bank of Pakistan (SBP) today Pakistan’s current account stood at $773million in surplus during the first ten months of the current fiscal year (July-April) against -$4.657billion recorded in the same period last year. During the said period, the GDP of the country stood at $246.728bn in the last ten months compared to $220.113bn, which is up by $26.5bn or 12pc.
In the last 24 hours, Pakistan recorded 92 deaths while 2,253 people tested positive for COVID-19, according to the latest statistics released by the National Command and Operation Centre (NCOC).
Meanwhile, the Foreign Office has denied that there is a US military or air base in Pakistan after reports that Pakistan will provide ground and air access to the US for operations in Afghanistan. Addressing media in Islamabad yesterday, the foreign office spokesman said that any speculation on the US bases in Pakistan was baseless and irresponsible and should be avoided.
The share price of Wyeth Pakistan Limited increased by Rs 128.62 to Rs 1,843.58 while Bata Pakistan gained Rs 71.94 to Rs 1,699. On the other hand, Colgate Palmolive lost Rs 180.99 today to close at Rs 2,813.01 while Rafhan Maize lost Rs 125 to close at Rs 9,500.