KARACHI: Pakistan Stock Exchange (PSX) managed to recover on Tuesday with support from encouraging news from the corporate and economic sectors. Furthermore, the strengthening of the Pakistani rupee against the US dollar and attractive prices after heavy correction in the last session also supported the market sentiments.
Karachi Share Index (KSE-100) gained 59.23 points (0.13%) to 44,491.03 points against the previous closing of 44,431.80 points. The market went as high as 44,801.52 points during intra-day trading, while recorded as low as 44,199.66 points.
Trading volume declined to 339 million shares today as compared to 523.8 million traded in the previous session, according to PSX website data. The daily traded value declined to Rs 20.7 billion from Rs 23.5 billion in the previous session.
The market only needs some hopes from fundamentals, as technically, share prices of strong stocks are already at attractive levels for buying, traders and analyst said. The news regarding regulators assurance for facilitating the corporate sector and improvement in rupee value against USD provides decent reason to investors for selective buying. However, the pandemic and lock-down strategy will keep investors cautious that can trigger selling in higher levels again, they added.
Yesterday, the Chairman, Securities and Exchange Commission of Pakistan (SECP), Aamir Khan, reiterated SECP’s commitment to outcome-based regulation by reducing regulatory burden, simplifying laws, and optimising technology.
Meanwhile, Mr Yevgeniy Zhukov, Director-General, the Central and West Asia Department of the Asian Development Bank (ADB), acknowledged the Government of Pakistan’s commitment to reform the economy. He reiterated ADB’s commitment to work closely with the Government of Pakistan to develop more meaningful projects aligned with the country’s needs and regulatory frameworks.
The share price of Rafhan Maize increased by Rs 98.99 to Rs 9,499 while Gatron Ind. gained Rs 37.50 to Rs 537.51. On the other hand, Unilever Foods lost Rs 444 today to close at Rs 13,556 while Sapphire Textile lost Rs 63 to close at Rs 837.
