Riding positive sentiment in the backdrop of PTI calling off its protest, Pakistan Stock Exchange (PSX) on Wednesday sky rocketed to better by over one per cent as the benchmark KSE-100 Index gained bagged almost 500 points.
By the midday the index touched the session’s peak at 41800, however, small investors opted for corrections ahead of the closing and the index had to shed some of its gains. By the end of the session the KSE-100 index stood at 41778.
Bulls picked the market from 41299.87 that registered a straight gain of nearly 500 points. However, keeping in view the perplexity of political as well as security situation across the country, the bearish investors preferred to secure their positions before the end of the day.
“The market has almost recovered which was lost last week and only 150 odd points left to reach the October 20 level of 1454 points,” said Zeeshan Afzal, director research at Insight Securities.
Investors welcomed the decision of the Supreme Court for setting the commission for the Panama leaks, he added. Moreover, the S&P Rating Agency lifted Pakistan’s rating to B from B- which also gave strength to the mood of the investors.
Last week since hitting its record high on October 20, 2016, the benchmark-100 index has retreated 1,558.64 points, down 3.75% during the course of five trading sessions that wiped off over Rs 353.65 billion.
COMMERCIAL BANKS were the top traded sector with total traded volume of 81,327,900 shares. It was followed by ENGINEERING with a total traded volume of 40,920,100 shares.
The three top traded companies were Bank of Punjab with a volume of 27,877,000 and price per share of 17.61 (1.00), Sui Southern Gas with a volume 20,216,500 of price per share of 42.58 (2.02) and Dost Steel (R) with a volume 16,841,000 of price per share of 3.65 (0.02).
The top three advancers were Wyeth Pak Ltd with price per share 3458.73 (164.70), Island Textile with price per share of 1286.25 (61.25) and Indus Motor Co share of 1640.00 (53.81).
The top three decliners were Philip Morris Pak. with price per share of 2000.01 (92.44), Nestle PakistanXD with price per share of 8050.00 (76.00) and Sapphire FiberXD per share of 992.75 (52.25).
