KARACHI: After a day of closure, the Pakistan Stock Exchange (PSX) on Thursday surprisingly surged as the KSE 100 index gained 799.47 points during intra-day trading.
The KSE 100 index closed at a healthy 41,127.79 points level after witnessing an increase of 799.47 (1.98%) points. The bourse reached its highest level of 41,148.72 and its lowest point at 40,328.28 points before trading was suspended. The total volume of scripts was 132.017 million valued at Rs6.521 billion.
Meanwhile, the KSE 30 index closed at 18,863.15 after witnessing a gain of 439.87 (2.39%) points. The stock market opened at 18,437.99 points. The total volume of scripts was 68.652 million.
The stock market showed a positive trend as share prices increased. The top active stocks were Unity Foods (6.68%), WorldCall (5.83%), Hascol (11.71%), Fauji Foods (2.58%), and TRG (4.68%). There was increased investment in the equities and textile sector. The top advancers were Grays Leasing (18.25%), Quetta Textile (14.18%), Ashfaq Textile (13.30%), Samin Textiles (13.04%), and Hascol (11.71%).
On the opening day of the day, the KSE 100 index plummeted an astounding 824.70 points during intra-day trading closing in at 40,008.29 points as bears dominated the stock market. The indices eventually settled after a decrease of 824.70 (-2.06%) before trading was suspended. The total volume of script was 104.287 million valued at Rs5.69 billion.
The previous week saw a bearish outlook after a seven-week winning streak at the stock market. The market closed in the negative on the weekend to 40,833 points. The stock market witnessed a seven week winning streak before bears return last week.
The market has also been affect by economic and political development notably the verdict against former army chief General retired Pervez Musharraf. The prospect of a possible confrontation between state institutions affect the stock market stopped the bulls on the trick and bears took over.
The International Monetary Fund (IMF) executive board has reviewed Pakistan’s economic performance before a new tranche worth $452 million. Finance adviser Hafeez Shaikh reported that current account deficit for November lowered by 73 percent to $1.8 billion. The foreign exchange reserves at the State Bank of Pakistan also increased to an eight-month high of $10.9 billion.