KARACHI: Pakistan Stock Exchange (PSX) regained upward trend as discounted share prices after a four-day long decline created room for buying on dips as an opportunity. In addition to this, the positive statement by US administration regarding Pakistan and US partnership raised hopes amongst investors.
The Karachi Share Index (KSE-100) ended the day 805.25 points (1.7 per cent) up at 48,053.17 points against the previous closing of 47,247.92 points. The market went as high as 48,053.17 points during intra-day trading, while recorded as low as 47,247.92 points.
Trading volumes inclined to 475.2 million shares today as compared to 412.2 million shares during the previous trading day, while the daily traded value also moved down to Rs21.3 billion from Rs14.9 billion in the previous session, the data said.
The benchmark KSE-100 Index touched the lowest level in nine days yesterday almost down to 47,000 points. The room for fresh buying with clearance of doubts on US-Pakistan partnership on Afghan security issues with a positive statement by the United States gave investors a strong reason return for buying. The index showed decent recovery on the back of buying in later part of the trading day.
The United States considers Pakistan an important partner and “we have shared interests when it comes to Afghanistan when it comes to peace and stability in Afghanistan.”
State Department spokesman Ned Price acknowledged Pakistan’s importance during a press briefing in Washington on Wednesday. Replying to a question by an Afghan journalist Nazira Azim Karimi, he said: “Well, I think what is true is that Pakistan is an important partner across a number of fronts. Of course, we have shared interests when it comes to Afghanistan and regional stability.
The share price of Nestle Pakistan increased by Rs170 to Rs5,990, while Gatron Ind. gained Rs35.63 to Rs510.78. On the other hand, Wyeth Pakistan Limited lost Rs45.22 today to close at Rs2,035.17 while Sapphire Fiber lost Rs44 to close at Rs796.
