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KARACHI: Pakistan Stock Exchange (PSX) surged for the second consecutive day on Wednesday and crossed the 46,000 points level as investor optimism grows.
Bulls continued to dominate the stock market over host of positive triggers including the rise in revenue collection by the Federal Board of Revenue (FBR). There has been optimism about the forthcoming International Monetary Fund (IMF) board meeting creating interest among market players.
The fresh recovery of the rupee against the US dollar ahead of Prime Minister Imran Khan’s visit to China where he will seek financial assistance worth $3 billion and investment in the power sector strengthened investor confidence.
The benchmark KSE-100 index surged in in early trading and eventually crossed 46,000 points level. The bourse gained 444.65 points (0.97%) and end the day on a positive note at 46,119.15 points. The total volume of shares traded at the bourse was 123.505 million valued at Rs6.618 billion.
The lower bench KSE 30 index also gained 155.39 points (0.87%) and closed at 18,069.39 points. The total volume of shares was 55.442 million. The KMI 30 index closed at 74,986.30 points with a gain of 877.11 (1.18%) while the All Share Index gained 251.01 (0.80%) and closed at 31,472.64 points.
The highest number of shares traded belonged to Hum Network Ltd (6.25%) which traded 48.787 million scripts. This was Telecard Ltd (4.36%), Treet Corporation (3.35%) and WorldCall Telecom Ltd (WTL -0.88%). The number of scrips traded were 28.283 million, 26.314 million, and 21.554 million, respectively.
