KARACHI: The trading volume at the Pakistan Stock Exchange (PSX) on Wednesday reached an all-time high of 1.5billion shares as investors gained confidence and interest due to improved activity in the corporate sector, positive expectations from the upcoming budget and a decrease in COVID-19 infection rate.
The Karachi Share Index (KSE-100) ended the day with 511.65 points (1.11 per cent) up at 46,812.31 points against the previous closing of 46,300.66 points. The market went as high as 46,855.69 points during intra-day trading, while recorded as low as 46,248.84 points.
Trading volume reached 1.5bn shares today, a level seen for the first time in the history of the bourse. The last record was of February 11, 2021, with 1.1bn shares.
“The volumes are gaining to its fair levels with renewed interests by investors,” Hamza Kamal, research analyst at AKD Securities said in a telephonic interview. “Market hopes of a favourable budget, positive activity in the corporate sector and stability in interest rates.”
“The activity seemed under a cap during Ramazan,” Khurram Schezad, CEO Alpha Beta Core said in a phone interview from Karachi. “If the situation remains favourable, we may see new records going forward.”
Pakistan Tehreek-e-Insaf (PTI) leaders were quick to highlight this record trade in the PSX and termed it as a success of their policies.
Federal Minister for Planning, Development and Special Initiatives Asad Umar said that today’s volume exceeded previous record by 39 per cent, “New daily traded volume record set on the Pakistan Stock Exchange. Today’s volume exceeded the previous record by 39pc.”
“Market reacting to signs of sustained recovery. The successful containment of the covid third wave. Though risk still remains. Also adding to positive sentiment,” he further added.
Special Assistant to Prime Minister Dr Shahbaz Gill also took to Twitter and thanked God for reaching this milestone, “And at the end of the day this volume reached 1560m.This is the highest-ever record in the history of PSX. Thank You Allah.”
The share price of Unilever Foods increased by Rs927.04 to Rs16,599 while Wyeth Pakistan gained Rs138.26 to Rs1,981.84. On the other hand, Rafhan Maize lost Rs150 today to close at Rs9,350 while Mehmood Textile lost Rs20 to close at Rs400.