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Foreign inflows lift PSX to new historic peak

Xinhua, May 19, 2016 Adjust font size:

The Pakistan Stock Exchange (PSX) surged to a fresh all-time high on Thursday as foreign investors emerged with heavy inflows amid lessening political turbulence in the country.

The Pakistan Stock Exchange's benchmark KSE 100-Index jumped by 1.01 percent or 366.84 points to the historic all-time closing high of 36,685.05 points on Thursday when compared with 36,318.21 points reported on Wednesday.

The KSE All Share Index gained 0.63 percent or 155.39 points to 24,870.66 points, the KSE 30-Index increased by 1.15 percent or 244.55 points to 21,422.35 points, the KMI 30-Index skyrocketed by 1.29 percent or 814.99 points to 63,753.44 points, whereas the Islamic All Share Index elevated by 0.9 percent or 152.19 points to 16,974.31 points.

During Thursday's trading session, the main index moved in a broader range of 491.93 points as it clocked an all-time intraday high of 36,808.82 points as against an intraday low of 36,316.89 points.

Heavy foreign flows along with reduced political noise in the country attracted investors to push the index to close at its highest-ever level.

In anticipation of tax relief in the upcoming budget for telecom sector, meaningful flows were witnessed in Pakistan Telecommunication Company Limited (PTCL)) which helped the scrip to close at its upper limit.

Market volumes expanded by 74.39 percent or 199.79 million shares to 468.363 million shares on Thursday when compared with 268.573 million shares posted on Wednesday.

Market capitalization improved by 0.63 percent or 46.696 billion rupees (457.804 million U.S. dollars) to 7.473 trillion rupees (73.273 billion dollars) whereas trade value jacked up by 56.70 percent or 5.796 billion rupees (56.829 million dollars) to 16.019 billion rupees (157.05 million dollars).

Among 378 active scrips on Thursday, prices of 240 issues advanced, 118 declined, whereas values of 20 other companies stayed unchanged.

Karachi Electric Limited, TRG Pakistan Limited, and Pakistan Telecommunication Company Limited XD were the top traded companies with turnovers of 93.02 million shares, 29.29 million shares, and 23.26 million shares, respectively.

Bata Pakistan XD was the top price gainer with increment of 150 rupees (1.47 dollars) to 3,450 rupees (33.82 dollars) while on the flip side Rafhan Maize XD led the major price shedders with decrement of 267.50 rupees (2.62 dollars) to 8,060 rupees (79.02 dollars). Enditem