KARACHI: Pakistan Stock Exchange (PSX) managed to maintain an upward trend for the second day in a row despite low trading volumes on the first trading day of Ramazan. With help of the recovery and selective buying by investors the benchmark KSE-100 Index consolidated above 45,000 points mark.
The Karachi Share Index (KSE-100) gained 262.65 points (0.58 per cent) after closing at 45,311.22 points against the previous closing of 45,048.57 points. The market went as high as 45,347.40 points during intra-day trading, while recording a low of 45,048.57 points.
The trading volume declined to Rs341.8million shares today as compared to Rs473.43mn traded in the previous session, according to PSX website data. The daily traded value also fell to Rs16.4bn from Rs18.4bn in the previous session, the data revealed.
Analysts said it seems that KSE-100 Index has consolidated above the 45,000 mark as extensions in the bullish rally that started yesterday, supported the market in closing the day with gains for the second day in a row. Some positive news regarding from corporate sector such as car sales convinced investors towards fresh buying, they added.
The share price of Sapphire Fiber increased by Rs47.99 to Rs879.99, while AKD Capital gained Rs32.97 to Rs475.12. On the other hand, Nestle Pakistan lost Rs40 today to close at Rs5,810 while Gatron Ind. lost Rs36.42 to close at Rs476.
