KARACHI: The Pakistan Stock Market (PSX) witnessed a roller-coaster ride on Wednesday as it continues to grapple with the political and global situation before closing on a positive note.
The KSE-100 surged in early trading after gaining 338.84 points and reaching the highest level of 43,426.72 points. It eventually plunged and spiraled into a downward trajectory and reached it lowest point of 43,042.96 points before rebounding once again. It eventually closed with a gain of 164.61 points (0.38%) at 43,042.96 points before trading was suspended. The total volume of shares was 80.231 million valued at Rs4.511 billion.
Of the 94 traded companies in the KSE100 Index 54 closed up 34 closed down, while 6 remained unchanged. Sectors propping up the index were Technology & Communication with 75 points, Fertilizer with 63 points, Oil & Gas Exploration Companies with 18 points, Cement with 13 points and Automobile Parts & Accessories with 6 points.
The lower bench KSE-30 index gained 78.86 points (0.47%) and closed at 16,747.77 points. The total volume of shares was 46.96 million. The KMI 30 index closed at 69,396.08 points after an increase of 441.10 points (0.64%) while the All Share Index gained 21.92 (0.07%) and closed at 29,692.16 points. The total volume of share traded were 183.546 million at the stock market.
The highest number of shares traded belonged to Ghani Global Holdings Ltd (GGL -2.15%) which traded 12.791 million. This was followed by Pakistan International Bulk Terminal (PIBTL -3.89), TPL Properties (TPLP -7.38%) and Telecard Ltd (TELE -3.58%). The number of scrips traded were 12.531 million, 11.135 million, and 10.753 million, respectively.
On the global front, oil prices slipped towards $125 a barrel in volatile trading as investors assessed the US ban of Russian oil imports. Brent crude fell $2.27, or 1.8%, to $125.71 a barrel after nearly a peak of $139 a day earlier. The market is also anticipated the move after a no-confidence motion was filed against the prime minister.
