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PSX smashes all-time peak as political turmoil fizzles out

Xinhua, November 2, 2016 Adjust font size:

The Pakistan Stock Exchange (PSX) blossomed to a fresh historic all-time peak on Wednesday as investors stayed buoyed after a tense political turmoil came to an end in the Federal Capital on Tuesday.

The Pakistan Stock Exchange's benchmark KSE 100-Index surged by 1.07 percent or 442.88 points to smash an all-time peak of 41,742.75 points on Wednesday when compared with 41,299.87 points recorded on Tuesday. The key index has collected 1,869.87 points in the last three trading sessions after losing 1,673.07 points in the preceding six trading sessions.

The KSE All-Share Index increased by 1.01 percent or 285.62 points to 28,553.26 points, the KSE 30-Index swelled by 0.72 percent or 163.05 points to 22,809.63 points, the KMI 30-Index jumped by 0.6 percent or 416.23 points to 69,856.07 points, whereas the Islamic All-Share Index skyrocketed by 1.21 percent or 235.78 points to 19,657.21 points.

During Wednesday's trading session, the main index moved in a broad range of 661.80 points as it touched an all-time intraday high of 41,961.67 points as against an intraday low of 41,299.87 points.

Local bourse continued its upward momentum for the third straight session with Habib Bank Limited (HBL) and United Bank Limited (UBL) contributing 138 points to overall gain. HBL and UBL jacked up by 3.2 percent and 2.2 percent, respectively.

Despite slight appreciation in Japanese yen, auto sector companies Honda Atlas Car (HCAR), Indus Motor Company (INDU) and Pak-Suzuki Motor Company (PSMC) closed at their upper limit of 5 percent.

Market volumes improved by 37.36 percent or 189.242 million shares to 695.743 million shares on Wednesday when compared with 506.500 million shares posted on Tuesday.

Market capitalization grew by 0.95 percent or 79.4 billion rupees (778.435 million U.S. dollars) to 8.437 trillion rupees (82.724 billion dollars) whereas trade value moved up by 26.39 percent or 4.548 billion rupees (44.589 million dollars) to 21.781 billion rupees (213.545 million dollars).

Among 439 active scrips on Wednesday, prices of 276 issues advanced, 145 depleted, whereas values of 18 other companies stayed unchanged.

Karachi Electric Limited, Dost Steel, and Summit Bank were the top traded companies with turnovers of 47.123 million shares, 30.938 million shares, and 30.236 million shares, respectively.

Unilever Foods XD was the top price gainer with an increment of 268.5 rupees (2.63 dollars) to 5,674 rupees (55.63 dollars) while on the other hand, Sanofi-Aventis led the major price shedders with a decrement of 60.87 rupees (59.67 cents) to 1,685.57 rupees (16.53 dollars). Endit