Karachi: Pakistan’s stock market turned positive as global and regional markets recorded an improvement on the hope of big stimulus package from newly inaugurated US President Joe Biden to offset the damage wreaked by COVID-19 pandemic and lockdowns.
The Karachi Share Index (KSE-100) gained 307.52 points (0.67 per cent) after closing at 45,984.46 points against the previous closing of 45,676.94 points. The market went as high as 46,142.75 points during intra-day trading, while recorded as low as 45,676.94 points.
Trading volume increased to 606.38 million shares today as compared to 476.6 million traded in the previous session, according to PSX website data. The daily traded value declined to Rs 17.92 billion from Rs 19.13 billion in the previous session, the data said.
The room was created correction in the previous session and adjustment in portfolio investments supported the recovery of market today, analysts and traders said. However, the fast increase always demand corrections that can either be during intra-day or in upcoming sessions, they added.
Investors seem optimistic about recovery of global economic activities. In addition to this PM Imran Khan’s positive message to President Joe Biden for working together also had a major impact.
Regional stocks rose to new record highs following US markets as investors hoped for more economic stimulus from new US President Joe Biden to cover damage caused by the COVID-19 pandemic and lockdowns.
The share price of Rafhan Maize increased to Rs 1,479 while ICI Pakistan gained Rs 39.88 to Rs 842.05. On the other hand, Gatron Industries lost Rs 19.99 today to close at Rs 600 while Mari Petroleum lost Rs 17.28 to close at Rs 1,450.60.