PSX reverses bearish trend, with a 90-point gain

PSX reverses bearish trend, with a 90-point gain

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Karachi: After falling for two consecutive days, the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) reversed its trend on Thursday and rose slightly by about 91 points in bumpy trading.

Due to the lack of positive triggers and expectations of mini-budgets, exchanges are regularly under selling pressure.

Investors cheered the confirmation from the finance ministry that the sixth review of the Extended Fund Facility will be presented to the International Monetary Fund’s (IMF) executive board on January 12.

The KSE-100 index opened up and continued to rise during the day as market participants remained optimistic. However, selling pressure emerged in the second half of trading, which wiped off some of the gains. Nevertheless, the KSE-100 managed to close in the green with some gains.

Today, the benchmark KSE-100 index edged upwards by 91.9 points to close at 44,266.90 points.

A report from Arif Habib Limited noted that the market continued to remain range-bound due to the ambiguity over mini-budget.

“The market opened in the green zone as SBP raised Rs158 billion through PIBs, hefty participation indicating yields to stay at the same level in the near future,” the report said, adding that the market battled between the bulls and bears throughout the day due to lack of any key positive trigger.

The brokerage added that trading volume on the main board is still sluggish, and as the market has witnessed a large volume of third-tier stocks, trading activities continue to trade sideways.

Sectors contributing to the performance included technology and communication (+69.2 points), investment banks/investment companies/security companies (+12.3 points), cement (+11.6 points) vanaspati and allied industries (+6.5 points) and power generation and distribution (+4.91 points).

Shares of 357 companies were traded during the session. At the close of trading, 199 scrips closed in the green, 135 in the red, and 23 remained unchanged.

Overall trading volumes dropped to 240.42 million shares compared with Wednesday’s tally of 151.78 million. The value of shares traded during the day was Rs8.02 billion.

Hum Network Limited led the way with 48.7 million shares trading volume, rising by 0.66 rupees to close at 6.88 rupees. Followed by TRG Pakistan, with a trading volume of 19.92 million shares, rising 6.82 rupees to close at 124.35 rupees; Unity Foods trading 17.7 million shares, rising 0.54 rupees to close at 27.69 rupees.

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