By Ali Haider
ISLAMABAD: The KSE 100-index of the Pakistan Stock Exchange (PSX) continued with bullish trend on Tuesday, gaining 262.30 points, with a positive change of 0.57 percent, closing at 46,407.26 points against 46,144.96 points on the last working day.
A total of 493,597,955 shares were traded during the day compared to the trade of 557,672,451 shares the previous day whereas the price of shares stood at Rs13.856 billion against Rs13.362 billion on last trading day.
As many as 369 companies transacted shares in the stock market, 172 of them recorded gain and 172 sustained losses, whereas the share price of 15 companies remained unchanged.
The three top trading companies were WorldCall Telecom with a volume of 62,038,000 shares and price per share of Rs2.07, Telecard Limited with a volume of 32,652,000 and price per share of Rs16.96 and Flying Cement with volume of 30,857,000 and price per share of Rs8.80.
Nestle PakistanXD witnessed a maximum increase of Rs64.04 per share, closing at Rs5,555 whereas the runner up was Sapphire Fiber, the share prices of which climbed up by Rs61.35 to Rs883.99.
Bata (Pak) witnessed maximum decrease of Rs84.39 closing at Rs2,400 followed by Colgate Palm, the share price of which declined by Rs23 to close at Rs2,320. The bulls dominated trading at the Pakistan Stock Exchange (PSX) on Monday as the benchmark KSE-100 index rallied, reaching new records by gaining 1,700 points on the back of easing political turmoil.
Clarity on the political front after the dismissal of Imran Khan through a no-confidence motion — which was a first in the history of Pakistan — and diminishing concerns over the negative repercussions of the political uncertainty encouraged market players to buy stocks.
A united opposition bloc cobbled together 174 lawmakers to vote against PTI chairman Imran Khan after midnight Sunday in Islamabad, two more than required to remove Khan from office.
His downfall was accelerated by inflation running faster than 12%, the rupee trading near a record low to the dollar and foreign reserves shrinking.
A report from Topline securities noted that PSX made new history where the KSE-100 index posted a historic single-day gain in terms of index points. “KSE-100 index today gained 1,700 points in a single day to close at 46,145 level, breaching two barriers 45,000 and 46,000, which is a new record in the history of PSX,” it stated.
The PSX index broke the previous single highest record of 1,566 attained on June 5, 2017 as the market was rejoicing the rare smooth handover of power to the lower house despite last night’s protests.
