Monday, September 26, 2022

Bulls stage comeback at PSX on positive triggers

Bullish sentiment prevailed throughout day and as a result, KSE-100 index closed at 41,151.54 points

A representational image. — AFP/File
A representational image. — AFP/File

  • Bullish sentiment prevailed throughout the day.
  • KSE-100 index closes at 41,151.54 points.
  • Shares of 326 companies were traded.

 KARACHI: The bulls staged a comeback at the Pakistan Stock Exchange (PSX) on Monday, after a week of volatile trading, as the benchmark KSE-100 index registered a decent rally, starting the week on a positive note.

Bullish sentiment prevailed throughout the day that kept the KSE-100 index in the positive territory.

The trading activity received a major boost on news that Ishaq Dar is returning to Pakistan and will assume charge of the finance minister. The reports triggered a rally in the currency market.

Earlier, the trading session started on a positive note and the KSE-100 index continued its upward march with minor oscillations.

At close, the benchmark KSE-100 index closed at 41,151.54 points with an increase of 531.33 points or 1.31%.

Benchmark KSE-100 index intra-day trading curve. — PSX data portal
Benchmark KSE-100 index intra-day trading curve. — PSX data portal

A report from Arif Habib Limited noted that the bulls dominated at PSX throughout the day. “The market opened in the positive zone as the Pakistani rupee made a sharp recovery against the US dollar,” the brokerage house said.

“Investors gained confidence over clarity on the political grounds as volumes climbed significantly in the main board,” it stated, adding that hefty volumes were also recorded in the third-tier stocks.

Sectors contributing to the performance include technology (+111.8 points), power (+104.4 points), cement (+78.9 points), oil marketing companies (+34.8 points), and banks (+33.5 points).

Shares of 326 companies were traded during the session. At the close of trading, 224 scrips closed in the green, 79 in the red, and 23 remained unchanged.

Overall trading volumes rose to 213.02 million shares compared with Friday's tally of 165.29 million. The value of shares traded during the day was Rs9.5 billion.

TRG Pakistan was the volume leader with 27.47 million shares traded, gaining Rs8.60 to close at Rs126.65. It was followed by Cynergyico with 17.36 million shares traded, gaining Rs0.15 to close at Rs4.93 and Unity Foods with 15.40 million shares traded, gaining Rs1.26 to close at Rs23.06.