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Pakistan Stock Exchange (PSX) witnessed another bullish session today with the benchmark index, KSE-100 gaining 294 points or 0.62% to breach the level of 48,000 points after four years.
Over the period of the last two weeks, the bourse has witnessed an impressive increase in the volume of shares trading and the participation of investors. Now the benchmark index KSE-100 set another record as it breached the 48,000 level which was last seen in June 2017.
The investors lauded a better than expected revenue collection of Rs. 4167 billion in 11MFY21 coupled with the news reports suggesting that the finance minister is considering a stimulus package in the upcoming budget to support the economy and lower than the expected inflation rate in the month of May boosted the investor’s sentiment.
Further, the stable policy rate and expected improvement in the macroeconomic indicators have kept the trader’s and investor’s sentiments positive with the optimistic approach.
According to a report by Arif Habib Ltd, the E&P sector contributed to the upside in the index on the back of positivity in crude oil prices, whereas the fertilizer sector added points to the table on budget incentives.
Sectors contributing to the performance include E&P(+83 points), Fertilizer (+57 points), Power (+25 points) Pharma (+23 points) and Textile (+17 points).
In all, 301.78 million shares were traded at the exchange today. Of the 397 scrips traded, 238 advanced, 147 declined, and 12 remained unchanged.
The trading volume of the shares surged to 1.39 billion with the value of trading recorded at over Rs. 30.4 billion on Tuesday.
WorldCall remained the star performer at the stock exchange with a trading volume of 354 million shares. It was followed by Byco Petroleum, Silk Bank, and PTCL.
Analysts said the health trading volumes couple of recovery of the economy will reflect well on the performance of the stock exchange which will witness a range-bound growth in the coming months.
Source: Pro Pakistani