Bulls ruled at Pakistan Stock Exchange on the second day of the week as KSE-100 gained the highest ever 1,406 points in 1 day.
This was the single biggest rise in a single day in its history, closing at 41,299 points on Tuesday. Previously, the single session record was made on March 31, 2015 as the benchmark index gained 1,306 points.
Investors reacted positively to the development on political front in Islamabad. Today turned from lockdown of capital city to thanksgiving congregation of Pakistan Tehreek-e- Insaaf and the government response to wait for Supreme Court’s verdict on the issue of Panama leaks which involved the Sharif family.
Equity traders and investors also welcome the agreement of Chinese company to take over K Electric in the recent deal. This may also pave the way towards the possible transaction of 40 percent stakes deal by Shanghai Stock Exchange for the PSX in the future.
The result of different banks and blue chips entity also attracted investors to pour in money in the different stocks of Pakistan Stock Exchange.
Meanwhile S&P’s upgraded rating of Pakistan built positive sentiments among foreign investors pushed KSE-100 index to a level that is a stone throw away from all-time high.
Banking sector witnessed the highest volume in trading today with 69 million shares. It is followed by Power Generation and Distribution sector and Technology and Communication Sectors with 62 million and 51 million shares.
K Electric was the star performer, witnessing trading of more than 41 million shares. It was followed by Bank of Punjab with 28 million shares and 1st Dawood Bank with 22 million shares.
According to details, the trading volume of Pakistan stock market rose to 207 million with the value of 122 million whereas the market capitalization increased to Rs 7.23 trillion.
Out of participating 412 companies, 356 remained in the green, 43 stocks remained in red and 13 stocks were unchanged.
Besides KSE 100 index, KSE-30 index gained 793 points to stand at 22, 646 points and KMI added 2,795 points to close at 69, 439 points.