Pakistan Stock Exchange (PSX) witnessed another strong term 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 PSX has witnessed an impressive increase in the volume of shares trading and the contribution of investors. Now the standard index KSE-100 set another record as it breached the 48,000 level which was last seen in June 2017.
Whereas the investors praised a better than expected revenue collection of Rs. 4167 billion in 11MFY21, which was coupled with the news reports suggesting that the finance minister is considering an incentive package in the upcoming budget to support the economy, and lower than the expected inflation rate in the month of May has boosted the investor’s sentiment.
Further, it is considered that the stable policy rate and expected improvement in the macroeconomic indications have kept the trader’s and investor’s sentiments positive with the optimistic approach.
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 were traded, 238 advanced, 147 declined, and 12 remained unchanged.
Whereas 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.
On the contrary WorldCall remained in the limelight at the stock exchange with a trading volume of 354 million shares. It was secondly followed by Byco Petroleum, Silk Bank, and PTCL.
Forecasters have predicted that the health trading volumes couple of recovery of the economy will replicate thriving on the performance of the stock exchange which will witness a range-bound growth in the coming months.