Pakistan Stock Exchange (PSX) on Wednesday witnessed positive trend adding 1,600 points in the opening session of the trading amid aggressive buying by both local and foreign investors coupled with institutional support, reported 24NewsHD TV channel.
Prime Minister Shehbaz Sharif will attend the traditional gong ceremony at the Pakistan Stock Exchange (PSX) today to celebrate the milestone of reaching 100,000 points.
At 10.15 am the benchmark KSE-100 Index surged by 1,614.87 points or 1.13% to reach 117,667.55 points.
On Tuesday, the Pakistan Stock Exchange had witnessed a volatile session. The KSE-100 index declined by 202 points amid political and economic uncertainty.
The (PSX) benchmark KSE-100 index decreased by 202.44 points or 0.17 percent to 116,052.68 points against 116,255.13 points recorded in the last session. The highest index of the day remained at 116,843.41 points, while the lowest level was recorded at 113,677.50 points.
Analysts said the market saw significant volatility despite the initial drop, the market rebounded.
A statement from the prime minister, indicating that the government is considering reducing electricity rates, played a role in the recovery of share prices.
The decline in the index was primarily driven by EFERT, FFC, HBL, ATRL and PSO, which together contributed to a loss of 433 points. ENGROH, OGDC, and TRG helped offset the losses, adding 436 points to the index.
WorldCall Telecom remained the volume leader with 80.583 million shares, which closed higher by 6 paisas to Rs1.71 per share. Cnergyico PK, with 76.6 million shares, followed it, which closed lower by 6 paisa to Rs7.35 per share.
Other significant turnover stocks included K-Electric Ltd., Fauji Foods Ltd., Fauji Foods Ltd, Sui South Gas, Pak Stock Exchange, Pak Refinery, BO Punjab, Pak Elektron and Maple Leaf. In the futures market, 301 companies recorded trading, 112 of which increased, 184 decreased, and 5 remained unchanged.
Reporter Ayaz Rana