Bulls return to Pakistan Stock Exchange as benchmark index climbs 2.8pc

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Bulls return to Pakistan Stock Exchange as benchmark index climbs 2.8pc
A Pakistani stockbroker monitors the latest share prices during a trading session at the Karachi Stock Exchange (KSE) in Karachi on August 11, 2014. Pakistan's stockmarket on August 11, 2014 saw the largest ever fall in a single day trading over fears of political debacle after a populist cleric called for a march on Islamabad to overthrow the government. The benchmark Karachi Stock Exchange index plunged by 1375 points or 4.6 percent in the morning trading session, the largest ever dip in a single day. AFP PHOTO/Rizwan TABASSUM

The Pakistan Stock Exchange (PSX) adopted a positive trajectory on Wednesday as the benchmark KSE-100 Index climbed whopping 1,010 points to close at 35,959 — up 2.8 per cent.

The market opened on a positive note and maintained the mood throughout the session. The market opening at 34,949 remained a day low, while the benchmark index hit a day high at 35,993 near the end of the session.

The volume of shares traded in the benchmark index increased from 122.8 million shares to 151.5m shares. Similarly, the value of shares traded increased to Rs7.2 billion as compared to Rs6.9bn yesterday.

The Bank of Punjab (BoP), Fauji Cement Company Ltd (FCCL) and Unity Foods Limited (UFL) remained the top active scrips with 17.4m shares, 11.8m shares, and 9.9m shares traded respectively.

“Investors celebrated the news reports of the confirmation of government support fund which is aimed at stabilising the stock market,” said Next Capital Limited’s head of foreign institutional sales, Mohammad Faizan.

The government support fund will be managed by National Investment Trust (NIT) and will be injecting funds in state-owned listed companies.

He added that the market participation for the benchmark index increased by 24pc on a day-on-day basis.

“Major contribution to total market volume came from BOP, FCCL, and UNITY churning 39m shares out of the total market share of 182mn shares.”

“Daily traded value for the 100 Index increased to $48m from $46m in the previous session,” he said.

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