The Pakistan Stock Exchange (PSX) rebounded hard on a volatile day on Tuesday during which the share prices experienced massive ups and downs, but stocks rocketed to a new historic high in the final session amid a hectic buying rally, reported 24NewsHD TV channel.
The PSX’s benchmark KSE-100 index surged by 2,653.87 points or 1.43 percent to reach an all-time high of 185,060.10 points by the end of the day.
Out of 563 active companies in the ready market, 238 advanced, 218 declined, while 107 remained unchanged.
Earlier, in the morning the index plunged by 853.20 points to 181,555.03 points, reflecting a negative change of 0.47 percent, but later the trading gathered pace.
During intraday trading, strong buying was observed across key sectors, including automobile assembly, cement, commercial banks, fertilizers, oil and gas exploration companies, oil marketing companies, and power generation and refineries.
Experts said the record rally indicated renewed investor confidence and growing investment activity across multiple sectors. They added that such strong buying not only sets new benchmarks at the stock exchange but also creates opportunities for investors.
On Monday, the benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX) closed bullish, gaining 3,373.31 points, a positive change of 1.88 percent, to settle all time high at 182,408.24 points.
During the session, the ready market witnessed a trading volume of 1,384.300 million shares with a traded value of Rs 78.095 billion, against 1,113.099 million shares valuing Rs 64.340 billion in the previous session. Market capitalization increased to Rs 20.509 trillion from Rs 20.213 trillion a day earlier.
Bank of Punjab topped the volume chart with 95.463 million shares, followed by Pak International Bulk Terminal with 79.721 million shares and K-Electric Limited with 75.184 million shares.
The top gainers included PIA Holding Company Limited, which rose by Rs 1,408.26 to close at Rs 25,052.36, and Indus Motor Company Limited, which increased by Rs 55.04 to settle at Rs 2,102.33.
On the losing side, Unilever Pakistan Foods Limited declined by Rs 91.99 to close at Rs 28,908.00, while Rafhan Maize Products Company Limited fell by Rs 82.55 to close at Rs 9,930.92.
Reporter: Kawish Memon