Pakistan Stock Exchange (PSX) on Wednesday managed to close 40 points higher to settle at 41649 points level despite trade remain thin amid the unrest in the country.
The shares market opened in the green and gained just two points before plunging into the red. The market lost over 300 points within five minutes of the trade opening.
The market both moved both ways during the day trading. It hit the day’s high at 41822 on the back of 213 points gain while it dipped to the day’s lowest level at 41239 after shedding 369 points.
Investors resorted to profit taking on Wednesday after bull-run on the market continued for five consecutive sessions. Despite thin trade, the index managed to close in the green.
During Wednesday’s trade, some 178,965,920 shares changed hands at the market.
On Tuesday, trading held in the shares of 382 companies out of which share prices of 171 companies increased while the share price of 196 companies decreased. Whereas the share prices of 15 companies remained unchanged.
Commenting on the trade, senior analyst and chief executive officer (CEO) of Arif Habib Corp Ahsan Mehnati said that bullish sentiment continued at PSX on investor speculations ahead of PM visit to China likely to improve trade, external account assistance.
He added that trade remained thin ahead of CPI Inflation data for Oct’18 and concerns over prevailing political unrest in the city.
Expectations for upbeat economic outlook amid likely financial assistance from UAE and China played a catalyst role in bullish close, he opined.
Pak Tobacco was the highest gainer in term of per share gain followed by Service Industries Ltd. The share price of Pak Tobacco surged by Rs 92.49 to close at Rs 2394.95 while the share price of Service Industries increased by Rs30.22 to close at Rs741.22.
Colgate Palm was the bigger loser in term of per share loss followed by Bata Pak. The share price of Colgate Palm fell by Rs 110.99 to close at Rs 2244.01 while the share price of Bata Pak decreased by Rs90.07 to close at Rs 1711.37.
On Tuesday, the PSX closed 155.27 points (0.37 per cent) up to close at 41,609.03. The market kicked off on a positive note and made intraday high by 339 points.
Trading remained choppy as individual investors who were the major buyers a day ago, preferred to wait as institutional activity was yet to pick up the pace.
Profit-taking was also witnessed during the day which saw the index slip into the red by 87 points but recovered later due to heavy buying in the cement sector.
Optimism from the prime minister`s visit to China, which was expected to provide a healthy financial package, did not translate into further market excitement.