KARACHI: On Wednesday, the bullish trend persisted in the Pakistan Stock Exchange (PSX) as the KSE-100 index gained 412.49 points following expectations of good economic data and PPP’s decision of contesting the Senate elections.
The Karachi Share Index (KSE-100) rose up by 412.49 points (0.95 per cent) after closing at 43,694.76 points against the previous closing of 43,282.27 points. The market went up to 43,749.94 points during intra-day trading, while recorded as low as 43,282.27 points.
Trading volume increased to 455.9 million shares today as compared to 503.11 million traded in the previous session, according to PSX website data. The daily traded value decreased to Rs 22,632 billion from Rs 20.963 billion in the previous session, the data said.
According to analysts, the market was positive throughout the day today in line with global counterparts. The investors were happy over Bilawal Bhutto’s announcement that PPP will participate in the senate election to be held in February or March 2021.
After this announcement, the investors were confident and it is being hoped that the tomorrow (last day of 2020) will be good for the market and may touch 44,000 points, the analyst claimed.
However, if the new coronavirus variant spreads in Sindh as it has spread in the UK and other countries then it may disturb the market, the analyst claimed.
The investors were interested in retail and local institutions, which was witnessed ahead of the year-end closing driven by cement, bank and energy sectors, he claimed.
The share of Rafhan Maize increased by Rs 349 to Rs 9,799 while Nestle Pakistan gain Rs 226 to Rs 6,845. Similarly, Sapphire Fibre lost Rs 75 today to close at Rs 944 while Bhanero Textile lost Rs 67.49 to close at Rs 832.51.