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PSX gains 481.79 points to close at 40,306.55 points

PSX gains 481.79 points to close at 40,306.55 points

KARACHI: Pakistan Stock Exchange on Wednesday witnessed bullish trend as the KSE-100 Index closed today at 40,306.55 points as compared to 39,788.73 points on the last working day with a positive change of 481.79 points.

On Tuesday, the stocks witnessed bearish trend as KSE-100 index closed at 39,788.73 points with a decline of 335.49 points. The PSX receded back to under 40,000 mark after crossing the barrier in around 10 months on Monday.

A total of 286,769,650 shares were traded on Tuesday, whereas the value of shares traded during the day stood at Rs11.75 billion as compared to Monday’s value of Rs13.75 billion.

Total 381 companies performed transactions of shares in the market, out of which 143 recorded gain and 228 sustained losses whereas the share price of 10 companies remained unchanged.

On Sunday, Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh said the recent strong performance of Pakistan’s stock market was proof of “increasing investor confidence on stabilisation measures” employed by the Pakistan Tehreek-e-Insaf (PTI)-led government.

In a tweet, the premier’s aide stated that the 14.9 per cent gain of the KSE-100 Index in November was the highest one-month return over the past six years.

“The KSE-100 index is up by 14.9% in November 2019, highest one month return after May 2013. Since 16 August 2019, the index increased by 36.6% (10,500 points),” said Mr Shaikh.

His comments came after the Pakistan Stock Exchange had a phenomenal rally in the outgoing week despite political uncertainty that jolted investors briefly.

According to updates till Friday, the benchmark KSE-100 index managed to sustain its winning streak for the fifth successive week as it advanced 1,362 points or 3.59 per cent and crossed the 39,000 mark after eight months. It closed the week at 39,288 points.

“In November 2019, the KSE-100 index increased 5,084 points or 14.9pc month-on-month – this is the highest monthly return after May 2013,” said AHL Research in its report.