Pakistan Stock Market on Wednesday closed 287.25 points up at 38792 during an eventful trading day during which market moved both ways.
The market opened flat but immediately moved up and gained over 100 points. However, the initial bull proved to be short-lived as the index plunged into the negative zone. Then there was an all-round sale and the market fell by over 600 points to plunging below the 38000 psychological barriers. The market again moved to the green zone and gained over 300 points. The fluctuation continued until the close of the market.
At the end of trading, the benchmark KSE 100 index closed 287 points up at 38792.
Commenting on Wednesday’s trade on PSX, senior analyst and Chief Executive Officer of Arif Habib Corp said that the bullish activity on the PSX was led by oil, banking and cement scrips on strong valuations.
He further said that the government’s decision to opt for IMF bailout package to meet external account imbalances, surging global oil prices, higher banking spreads and upbeat data on cement sales surging by 18.9 per cent in September played a catalyst role in bullish close.
During Wednesday’s trading, some 112,571,180 shares changed hands at the market. Trading on the shares of some 384 companies held on Wednesday out of which share prices of 184 companies surged while share prices of as many companies fell. The share prices of 22 companies remained unchanged.
Archroma Pak was the market leader in term of per share gain followed by Marri Petroleum. The share price of Archroma Pak increased by Rs 21.85 to close at Rs488.10 while the price of Marri Petroleum surged by Rs 18,61 to close at 1462.20.
Island Textile was top loser followed by Bata Pak. The share price of Island Textile closed Rs 96.60 per share down at Rs 1835. 40 while the share price of Bata Pak closed at Rs 87.50 per share to close at 1662.50.