KARACHI: The Pakistan Stock Exchange (PSX) regained its upward trend after two days of correction and profit-taking. The market managed to close the last trading day of the week with gains on the back of positive news from the economic front.
The Karachi Share Index (KSE-100) ended the day 118.17 points (0.25 per cent) up at 48,211.70 points against the previous closing of 48,093.53 points. The market went as high as 48,426.63 points during intra-day trading, while recorded as low as 48,093.53 points.
Trading volumes declined to 867.3 million shares today, as compared to 889.9 billion shares yesterday, while the daily traded value also fell to Rs26.57m from Rs31.65bn in the previous session, the data said.
“The corrections in last two days proved positive against estimated major corrections followed by upward early this week,” traders and analysts said. “Today was the day that could call in heavy selling due to the weekend.” The positive statistics and statements regarding the economy and upcoming budget help the market resist fall, they added.
Prime Minister Imran Khan has said the government has steered the country out of difficult times and now it will witness sustainable growth and development. He also said there will be now wealth generation and people will get job opportunities. On the economic front, he said the people will continue to hear good news.
PM’s statement added to the sentiments as his government is all set to present its third budget on June 11. The total volume of the budget could be around Rs8,000 billion while the economic growth target has been set at 4.8 per cent.
The share price of Sanofi-Aventis increased by Rs41.76 to Rs965.72 while Siemens Pakistan gained Rs40.95 to Rs587.05. On the other hand, Wyeth Pakistan Limited lost Rs213.38 today to close at Rs2,631.77 while Island Textile lost Rs179.99 to close at Rs2,220.01.
