KARACHI: The KSE-100 index of the Pakistan Stock Exchange (PSX) made a strong recovery on Thursday, rising by nearly 500 points at market close.
The index gained 499.05 points, or 0.54%, to end at 92,520.49 points. This marked an improvement from the previous day’s closing of 92,021.44 points.
Trading Volume and Value
A total of 678.78 million shares were traded on Thursday. This was lower than the previous day’s turnover of 889.16 million shares. The total value of shares traded stood at Rs24.82 billion, a decrease from Rs30.47 billion in the previous session.
Analysts’ Take on Market Sentiments
Analysts at Topline Securities attributed the positive market movement to recent developments. The KSE-100 index opened on a high note and reached an intraday peak of 673 points. According to analysts, the sentiment was boosted by the successful Ijara Sukuk auction, where the 1-year Sukuk yielded 10.99%. This signals a potential decline in yields across upcoming T-bills and PIBs auctions.
Impact of Recent Political Developments
The market was also influenced by political developments. Following Prime Minister Shehbaz Sharif’s recent visit to Saudi Arabia, a high-level delegation, led by the Power Minister, has been sent to Saudi Arabia. Investors are optimistic about new investments, especially in projects like Reko Diq. This sparked renewed interest in stocks such as OGDC and PPL.
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Market Performance by Companies
A total of 449 companies traded shares on the PSX. Among them, 257 companies recorded gains, while 145 experienced losses. The share prices of 47 companies remained unchanged.
Top Traders and Biggest Movers
The Bank of Punjab led the trading volume, with 62.92 million shares changing hands at Rs6.57 per share. Kohinoor Spinning followed with 46.52 million shares at Rs7.83 per share. K-Electric Limited ranked third with 34.71 million shares at Rs4.80 per share.
Unilever Pakistan Foods Limited saw a notable increase in its share price, gaining Rs86.32 to close at Rs8,986.99. Hoechst Pakistan Limited also performed well, rising by Rs48.07 per share to Rs2,401.07.
On the other hand, Rafhan Maize Products Company Limited recorded a significant decline of Rs101.45, closing at Rs7,305.21. Bhanero Textile Mills Limited also saw a drop, with a decrease of Rs50.09, bringing its share price to Rs782.05.
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