Bulls take charge as PSX gain more than 1,600 points

KARACHI: Bulls took charge at the Pakistan Stock Exchange (PSX) on Wednesday as the market gained more than 1,600 points after witnessing its highest single-day decline.

The benchmark KSE-100 index gained 1692.65 points or 2.86% to reach 60,863.62 points at the close of the session, up from yesterday's close of 59,170.97 points — when it registered losses of 2,534 points or 4.11%.

Head of Equities at Intermarket Securities, Raza Jafri, told Geo.tv that the KSE-100 has "bounced back from technical support levels", adding that the high-leverage issue also appears to be over.

"There will be nervous days as elections approach, but it is encouraging to see the market forming a base after its recent sharp decline," said Jafri.

According to Karachi-based brokerage firm, Arif Habib Limited, the KSE-100 index witnessed the highest-ever decline a day earlier, dropping 11% from its peak of 66,427 points.

The stock market’s surge today came as major sectors — carmakers, chemicals, banks, fertilisers, energy companies, real estate, and refineries — witnessed gains. 

Overall trading volumes decreased to 669.3 million shares compared with Tuesday’s tally of 670.859 million. The value of shares traded during the day was Rs16.1 billion.

Shares of 355 companies were traded. Of these, 274 stocks closed higher, 61 fell, and 20 remained unchanged.

K-Electric Ltd was the volume leader trading in 1.02 billion shares, gaining Rs0.45 to close at Rs4.89. It was followed by Fauji Foods Limited with 58.1 million shares, gaining Rs0.75 to close at Rs11.25, and Pakistan Telecommunication Company Ltd with 55.4 million shares, losing Rs0.04 to close at Rs12.25.