KARACHI: Bulls tighten their hold at the Pakistan Stock Exchange (PSX) with support of positive news from the economic front. In addition to this, promising developments in the political scenario, and a decline in COVID-19 positivity rate also boosted investors’ confidence.
The Karachi Share Index (KSE-100) advanced 182.13 points (0.4 percent) after closing at 46,097.11 points, against the previous closing of 45,914.98 points.
The market went as high as 46,314.39 points during intraday trading, while recording as low as 45,914.98 points.Trading volume moved up to 766.6million shares today, as compared to 710.4m traded in the previous session, according to PSX’s website data.
The daily traded value inclined to Rs19.9billion from Rs19.6bn in the previous session, the data said.“There were decent room for appreciation today and the news flow was positive that helped the market gain,” traders and analyst said.”
The growth projection by the finance minister, the clearance of US Pakistan relations related to Afghan US pullout gave investors hope for fresh investments, they added.
Federal Minister for Finance and Revenue Shaukat Tarin on Sunday said that GDP growth at 3.94 per cent during the current fiscal year (2020-21) was calculated in a transparent manner, predicting that based on the current trend the economy would grow by five per cent in 2021-22 and six per cent during 2022-23.
Meanwhile, Moeed Yousaf, the newly-appointed federal minister, met his US counterpart Jake Sullivan to discuss bilateral ties and other crucial issues. However, the conversation remained focus on Afghanistan amid reports that the US will leave Afghanistan by September, sources told The Correspondent. A joint statement of the meeting is likely to be issued around 6pm today.
During the meeting it was acknowledged with the United States forces ready to withdraw from Afghanistan by September 11 for which Washington will need Pakistan’s help, it seems the ice between Islamabad and the new US administration is starting to melt, as the national security advisers of both countries held a meeting in Geneva on Sunday in a bid to reset ties.
The share price of Colgate Palmolive increased by Rs135 to Rs2,994 while Wyeth Pakistan gained Rs119.64 to Rs1,714.96. On the other hand, Unilever Foods lost Rs207.94 today to close at Rs15,671.96, while Bata Pakistan lost Rs122.94 to close at Rs1,627.06.
