PSX resumes upward journey gaining 816 points

KARACHI: Stocks returned to winning ways after a one-day break, as the KSE-100 Index increased 1.91% or 816.40 points to cross the 43,600 level.

Volumes rose significantly on the all-share index and index-heavy, along with retail-favourite, stocks increased on bullish sentiment.

After Tuesday’s session in which profit-taking dominated the charts, investors were keen to pump in more money as stocks across the board witnessed higher volumes and buying orders. The KSE-100 maintained a steady rise throughout the day.

The index opened higher and continued on an upward streak, hitting the day’s high of 43,660 points before the session’s close.

Volumes remained on the higher side, with 327.8 million shares worth Rs15.6 billion changing hands during the session. Of the 385 traded scrips, 298 advanced, 68 declined and 19 remained unchanged.

The cement and engineering sectors dominated trading with 43.5m and 40.4m shares traded respectively.

At close on Wednesday, the KSE-100 Index ended with an increase of 816.40 points or 1.91% to finish at 43,630.74.

Overall, trading volume increased to 327 million shares, compared with Tuesday’s tally of 225 million.

Shares of 400 companies were traded. At the end of the day, 316 stocks closed higher, 65 declined while 19 remained unchanged. The value of shares traded during the day was Rs15.6 billion.

Aisha Steel Mills was the volume leader with 16.9 million shares, gaining Rs1 to close at Rs20.77. It was followed by TRG Pakistan with 16.7 million shares, gaining Rs1.53 to close at Rs32.31 and Dewan Cement with 15.6 million shares, gaining Rs1.10 to close at Rs23.10.

Earlier, The negative finish also brought to an end a 13-session winning streak for the benchmark-100 share index with heavyweight automobile and cement sectors witnessing selling pressure.

Several prominent names in the fertiliser and commercial banking sectors also closed in the red zone as high reported selling and profit-taking took their toll on the index.

After a steep rise at the start of the session, the index maintained a downward trajectory, touching 42,566 points at one point before eventually rising again by almost 250 points.