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KARACHI: The Pakistan Stock Exchange (PSX) on Wednesday had a topsy-turvy trading session but end the end on a positive note with minor gains, a day after a bullish run sent the market above the 45,000 points level.
The benchmark KSE-100 index plunged in earlier trading before it gradually recovered. The index reached the lowest point of 45,241.45 points. The bench ended the day after gaining 17.05 (0.04%) and closed at 45,407.89 points. The total volume of shares traded at the bourse were 96.758 million valued at Rs6.164 billion.
The lower bench KSE 30 index managed to a minor increase of 10.86 points (0.06%) and closed at 17,870.29 points. The total volume of shares was 67.737 million. The KMI 30 index closed at 73,553.85 points with an increasee of 55.62 (0.08%) while the All Share Index nudged by 3.39 (0.01%) and closed at 31,116.10 points.
The highest number of shares traded belonged to WorldCall Telecom Ltd (WTL 8.78%) which traded 75.59 million scripts. This was followed by Unity Food Ltd (UNITY 53.38%), Telecard Ltd (TELE 3.78%), and First National Equities Ltd (FNEL 2.08%). The number of scripts traded were 66.808 million, 23.802 million, and 23.802 million, respectively.
A day earlier, bullish momentum prevailed at the stock exchange as market participants were optimistic about the improving economic situation, sparking hopes for the revival of International Monetary Fund (IMF) loan programme.
Federal Minister for Finance and Revenue Shaukat Tarin presented the supplementary finance bill – dubbed at the ‘mini-budget’ in the Senate.
Senate Chairman Sadiq Sanjrani referred the bill to the Senate Standing Committee on Finance seeking recommendations within three days. This development was welcomed at the stock market and increased investor optimism.
It is pertinent to mention here that supplementary finance bill’s approval is necessary to ensure that the IMF executive board clears the country’s sixth review of the $6 billion Extended Fund Facility (EFF) on January 12 for the disbursement of the near $1 billion tranche.
