ISLAMABAD: After losing about 3 hundred points during last two days, 100 Index of the Pakistan Stock Exchange (PSX) bounced back with a major bullish trend as the index gained 934 points on Thursday to settle at 50,365 against the previous day closing of 49,431.48. In today’s trading the index also crossed the psychological barrier of 50,000 level after six years, earlier recorded on May 31, 2017.
Two days before the index also cross the 50 thousand mark but for a brief period during the day, followed by a bearish trend in the last session. On Thursday, most of the companies took interest in buying particularly the heavy sectors including automobile assemblers, chemical, cement, commercial banks, oil and gas explorations companies and OMCs trading in the green.
Bullish Trend in the Market
The significant bullish trend in the market was attributed to the appreciation of local currency against dollar. There are also some satisfactory results announced by different companies in the first quarter of the current fiscal year that took the index beyond fifty thousand.
In addition, improved economic indicators also played a crucial part as the country’s trade deficit for the month of September settled in at $1.518 billion against the deficit of $2.856 billion from the same month last year having an improvement by about 47% Y-o-Y, as per the latest data released by the Pakistan Bureau of Statistics (PBS).
Meanwhile on Thursday, the total volume on the all-share index went up to 427.4 million from 332.6 million last day. The value of shares transacted increased to Rs14.6 billion as compared to Rs8.8 billion on Wednesday.
Like the last few days, K-Electric Ltd. Again, remained the volume leader among the top-three trading companies with 83.1 million shares, whereas Pak Refinery settled as the runner-up with 37.6 million shares followed by WorldCall Telecom with 25.8 million shares.
In total, 361 companies traded their shares on Thursday, of which 255 registered gain, 94 recorded loss and 12 remained unchanged.
