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KARACHI: The Pakistan Stock Market (PSX) surged on Thursday as the geopolitical situation and economic situation eases towards a positive outlook.
The KSE-100 surged after trading resumed and gained 579.6 points in early trading. It eventually reached its highest points of 43,921.82 points and was set to regain the 44,000 points before it reached a down trajectory. The bourse eventually gained 810.66 points (1.88%) and closed at 43,042.96 points. The total volume of shares was 83.786 million valued at Rs5.173 billion.
Of the 94 traded companies in the KSE100 Index, 80 closed up, 12 closed down, while 2 remained unchanged. Sectors propping up the index were Cement with 217 points, Commercial Banks with 199 points, Technology & Communication with 128 points, Automobile Assembling with 41 points and Textile Composite with 34 points.
The lower bench KSE-30 index gained 328.74 points (1.94%) and closed at 17,076.51 points. The total volume of shares was 45.574 million. The KMI 30 index closed at 71,150.56 points after an increase of 1,754.48 points (2.53%) while the All Share Index gained 417.3 (1.41%) and closed at 30,109.46 points. The total volume of share traded were 271.341 million at the stock market.
The highest number of shares traded belonged to TPL Properties (TPLP -7.38%) which traded 23.458 million shares. This was followed by WorldCall Ltd (-0.59%), Flying Cement (-7.50%) and Ghani Global Holdings Ltd (GGL 2.14%). The number of scrips traded were 11.616 million, 11.616 million, and 11.527 million, respectively.
Global oil prices bounced from a sharp drop in the previous session after the United Arab Emirates backtracked on statements saying that OPEC might increase output to help to plug the gap in exports from Russia. In a volatile market, Brent crude futures were up $5.43, or 4.9%, at $116.57.
On the local political, the market is observing the political situation as the prime minister faces a possible no-confidence motion which has kept investors wary of the stock market.
