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PSX adds 269 points; set to cross 43,000 barrier

PSX adds 269 points; set to cross 43,000 barrier

KARACHI: Pakistan Stocks Exchange’s benchmark KSE-100 index continued its northward journey, adding 269 points (0.63 per cent) to hit a new all-time high of 42,901.02 points on Wednesday.

Overall, the volume of traded shares increased 6pc to 496 million shares, well above the year-to-date average turnover of 127m shares. The value rose 11pc over the earlier day to Rs18 billion. Pace Pakistan, Pakistan International Airlines and other retail favourites led the volumes chart.

Foreign selling continued on Wednesday with a net outflow of $6.7m. This has taken the latest bout of foreign sell-off to $93.8m in just 10 sessions since Nov 9. However, many market participants remained unperturbed.

“Foreign investors have just 6pc participation in the market while bulk of trading, say 60pc, is carried out by individuals,” Faisal Shaji, chief market strategist at Standard Capital Securities, said.

Banking and oil and gas sectors were major gainers on Wednesday with United Bank and Habib Bank making a cumulative contribution of 56 points to the index gains. The Oil and Gas Development Company, Pakistan Pet­rol­e­um and Pakistan Oilfields added 15, 17 and 20 points to the index.

Steel sector continued to ride high; Mughal Steel registered a gain of 4.3pc on the announcement of resumption of its 9.3-megawatt gas power plant. Amreli Steels closed at its upper price limit of 5pc on the back of upsurge of rebar prices in domestic market.

However, bearish activity was witnessed in the automobile sector after recovery in the Japanese yen, observed Abra Juma on the sales desk of Global Securities. Pak Suzuki dropped 0.72pc, Indus Motors 1.85pc, Ghandhara Industries Ltd 2.12pc and Ghandhara Nissan Ltd 0.77pc.

Courtesy : Dawn News

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