Pakistan’s benchmark KSE-100 Index has consolidated above the 46,000 mark as extensions in the bullish rally that started yesterday, supported the market in closing the day with gains for the second day in a row. The positive news regarding power and energy sectors convinced investors and institutions towards fresh buying.
The Karachi Share Index (KSE-100) gained 199.74 points (0.43 per cent) after closing at 46,628.38 points against the previous closing of 46,087.64 points. The market went as high as 46,398.60 points during intra-day trading, while recording a low of 46,087.64 points.
The trading volume increased to 603.24 million shares today as compared to 470.06 million traded in the previous session, according to PSX website data. The daily traded value also increased to Rs 26.8 billion from Rs 21.04 billion in the previous session, the data revealed.
The market opened the day positively, pushing the KSE-100 index up to 46,228 points with a jump of 156 points in the first five minutes of the trade. Throughout the day, the trend prevailed with some intra-day corrections in the way. Individual investors and institutions were active in fresh buying. The bullish trend is also supported by the corrections that the market went through last week.
A Traders ad analyst said that news regarding the settling of the circular debt issue between the government and power producers and the stability in policy rates by the central bank raised hopes for the market. It was expected that today the benchmark index would consolidate its position and close above the 46,000 physiological barrier for the second day in row, they added.
The share price of Colgate Palmolive increased by Rs 75.01 to Rs 3,175, while Nestle Pakistan gained Rs 50 to Rs 6,470. On the other hand, Rafan Maize lost Rs 390 today to close at Rs 10,500 while Mithchells Fruit lost Rs 32.56 to close at Rs 439.15.