Connect with us

Hi, what are you looking for?

Online Business Success

Declining oil prices in international market propel PSX

404255 055513 updates


The digital stock board at the Pakistan Stock Exchange. — AFP/File
The digital stock board at the Pakistan Stock Exchange. — AFP/File
  • KSE-100 index surges 810.66 points to settle at 43,853.62.
  • Investors observed cherry-picking stocks that had dropped to attractive valuations.
  • Shares of 356 companies were traded during the session.

KARACHI: The bulls made a spectacular comeback at the Pakistan Stock Exchange (PSX) on Thursday, as the benchmark KSE-100 index managed to gain over 800 points.

Investors were observed cherry-picking stocks that had dropped to attractive valuations during the bearish spell at the bourse observed earlier during the week.

Earlier, the market endured across-the-board profit-taking owing to multiple negative triggers including the war between Russia and Ukraine, inflationary pressure in the country and an increase in global crude oil prices.

Moreover, fresh depreciation of the rupee against the US dollar also dented the confidence of market players earlier.

However, investors assumed fresh positions as global oil prices fell by the most in nearly two years after OPEC member the United Arab Emirates said it supported pumping more into a market roiled by supply disruptions due to sanctions on Russia after it invaded Ukraine.

At the close, the benchmark KSE-100 index surged 810.66 points, or 1.88%, to settle at 43,853.62 points.

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

Arif Habib Limited in its post-market commentary noted that the market opened upwards and stayed in the green zone throughout the day due to a decline in international commodity prices.

“Moreover, investors opted for an accumulation across the board especially in the cement stocks,” it said, adding that volumes remained dull.

The benchmark KSE 100 index closed 810 points up, value buying was observed in the last trading hour.

Advertisement. Scroll to continue reading.

Sectors contributing to the performance included cement (+217.5 points), commercial banks (+199.4 points), technology (+128.1 points), automobile assembler (+41.5 points) and textile composite (+33.6 points).

Shares of 356 companies were traded during the session. At the close of trading, 242 scrips closed in the green, 95 in the red, and 19 remained unchanged.

Overall trading volumes rose to 271.90 million shares compared with Wednesday’s tally of 183.70 million. The value of shares traded during the day was Rs7.49 billion.

Pak Elektron was the volume leader with 35 million shares traded, losing Rs0.80 to close at Rs2.52. It was followed by TPL Properties with 23.45 million shares traded, gaining Rs0.24 to close at Rs23.72, and WorldCall Telecom Limited with 22.92 million shares traded, losing Rs0.01 to close at Rs1.69.



Source link

Click to comment

Leave a Reply

Latest

Top Stories

FTX founder Sam Bankman-Fried and Alameda Ventures made recent headlines for bailing out a handful of CeFi crypto platforms this week, but what exactly...

Top Stories

Although Bitcoin is struggling to form a bottom, altcoins are on a roll and the current price action could benefit UNI, XLM, THETA and...

Top Stories

Ethereum’s native token Ether (ETH) has declined by more than 35% against Bitcoin (BTC) since December 2021 with a potential to decline further in...

Top Stories

The company enables artists and collectors to create, purchase and resell NFTs via blockchain-enabled transactions. Source link

Technology

Interested in learning what’s next for the gaming industry? Join gaming executives to discuss emerging parts of the industry this October at GamesBeat Summit...

Top Stories

Bitcoin (BTC) made the most of weekend volatility on June 26 as a squeeze saw BTC/USD reach its highest in over a week. BTC/USD...

Advertisement

You May Also Like

Uncategorized

Introductions get a lot of attention. I’ve explored the topic of how to write them even though as a reader, I always skip them....

Online Business Success

The internet is now our nervous system. We are constantly streaming and buying and watching and liking, our brains locked into the global information...

SEO Guide

There are all kinds of pictures of the world on the internet, but to find one of these specific pictures that you want to...

Online Business Success

You can think of link building in many ways. I like to call it tedious, painful, and a test of patience. It’s also necessary...

Advertisement