Pakistan’s stock market opened on bullish notes as an extension to the bullish rally started since the first day of the week, supported by positive news regarding economic revival and the rise in oil prices in international markets.
The Karachi Share Index (KSE-100) gained 111.27 points (0.58 per cent) after closing at 46,458.13 points against the previous closing of 46,287.38 points. The market went as high as 46,698.53 points during intra-day trading, while recording a low of 46,287.38 points.
The trading volume increased to 610.94 million shares today, as compared to 603.24 million traded in the previous session, according to PSX website data. The daily traded value also increased to Rs 29 billion from Rs 26.8 billion in the previous session, the data said.
The market opened the day in positive notes supported by encouraging news from local and international fronts. The hopes shared by the government about economic stability added to the ongoing rally.
The Ministry of Finance in its monthly economic update and outlook, released on Tuesday, observed that the current outlook ensures economic revival on the basis of continued recovery seen in recent months, Investors and institutions were already active in fresh buying on back of news such as resolve of circular debt issue between government and power producers and the stability in policy rates by the central bank gained further confidence. The benchmark index that closed above 46,000 physiological barrier for the last two days supported to consolidate its position on the third day also, the traders and analyst siad. However, the contentious upward movement demands corrections, otherwise it leaves large gaps to call in profit taking at any level, they added.
The share price of Sapphire Textile increased by Rs 76.43 to Rs 1,100 while Philip Morris Pakistan gained Rs 60.20 to Rs 1,508.20. On the other hand, Colgate Palmolive lost Rs 120 today to close at Rs 3,055 while Gatron Ind. lost Rs 45 to close at Rs 555.