PSX Sees Bullish Trend as Index Reaches All-Time High of 42,704 Points

Pakistan Stock Exchange (PSX) continued to follow upward trajectory amid rebound in global stock markets and rising international crude oil prices as KSE-100 index posted a gain of 500 index points or 1.2% to close at an all time high level of 42,704 levels on Thursday.

Stock exchange along with high as financial markets across the globe rallied on optimism that Trump’s surprise victory will actually boost the global economy in the coming days.

According to analysts, stocks opened gap up carrying momentum from yesterday evening and traded higher with many names crossing their 10-day average volumes. Most volumes were focused in small and mid cap plays that dominated volumes chart on retail participation.

Overall, volumes during the day increased by 1.4% to 560 million shares, while value decreased by 5% to Rs20 billion or US$191 million. The market capitalization increased to Rs 8.623 trillion at Pakistan Stock Exchange.

Bank of Punjab (BOP) and Pakistan International Airlines (PIA) led the volumes chart with 68 million share and 51 million shares traded respectively. PIA closed at its upper price limit. Banks also performed well with Faysal Bank (FABL), United Bank (UBL), Habib Metro (HMB), rising by 5%, 3.7% and 3.6% respectively.

The ongoing momentum is likely to push KSE-100 index further up as it attempts to cross 43,000 level however profit-taking could not be ruled out which will drag down index again in the coming days or weeks.

Out of participating 431 companies, 305 remained in the green, 119 stocks remained in red and 7 stocks were unchanged.

Besides KSE 100 index, KSE-30 index gained 322 points to stand at 22, 827 points; KMI added 883 points to close at 70,047 points and KSE All gained 300 points to close at 28,937 points.

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