Karachi: Pakistan’s stock market maintained a bullish trend for the second trading day in a row as investors remained active and took fresh positions on hopes of improvement in trade and business activities. The benchmark index managed to breach and the 44,500 points psychological barrier today.
Karachi Share Index (KSE-100) ended the day with a gain of 978.51 points (2.1%) up at 44,766.59 points against the previous closing of 43,788.08 points. The market went as high as 44,839.19 points during intra-day trading, while recorded as low as 43,788.08 points.
Trading volume increased to 455.5 million shares today as compared to 442.5 million traded in the previous session, according to PSX website data. The daily traded value increased to Rs 21.95 billion from Rs 21.58 billion in the previous session, the data said.
There was a very strong reason for the continuation of buying that started in last trading day as the prices fell down to quite attractive levels after the recent correction, traders and analysts said. Another reason was the bullish trend in the regional markets, they added.
The share price of Rafhan Maize increased by Rs 690 to Rs 10,190 while Nestle Pakistan gained Rs 286.25 to Rs 6,036.25. On the other hand, Sunrays Textile lost Rs 71.03 today to close at Rs 876.97 while Wyeth Pak Limited lost Rs 21.54 to close at Rs 983.58.