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PSX goes up by over 600 points, closes at 42,647.35

PSX goes up by over 600 points, closes at 42,647.35

ISLAMABAD: Pakistan Stock Exchange made impressive gains as the KSE-100 Index went up by over 600 points while closing at 42,647.35, the latest reports said on Thursday.

The index, at one point, reached the level of 42,896.36, representing a gain of over 870 points.

According to details, the market, however, witnessed some correction after that and settled for a 625.10 points surge, representing an increase of 1.49 percent. It reported that It was the performance shown by the sectors like investment banks and companies/ security companies on which the market rode for these gains.

At the same time, the oil and gas exploration as well as the market companies too were among the top performers. Similarly, most of the commercial banks and insurance companies made significant gains.

While majority of actors in the automobile, chemical and engineering sectors didn’t have a good session. A total of 498,611,619 shares were traded during the day, representing a spike of around 20 percent when compared with the previous session.

The volume, however, was still lower than 514,878,894 shares recorded on Tuesday when the market had shed 310.56 points and closing at 41,985.19. Six out of the top 10 gainers in terms of share price were from the financial sector with PICIC Insurance Limited leading the pack after an increase of 52.07 percent.

It was followed Crescent Star Insurance Limited and Jubilee Spinning and Weaving Mills Limited with their respective share prices going up by 37.31 percent and 30.30 percent. Pakistan International Bulk Terminal Limited, which has been among the top 10 commodities in recent weeks on many occasions, was the most active stock with 122,049,000 of its shares traded.

It was followed by Hascol Petroleum Limited which saw 48,103,500 shares being traded. During the last two sessions, it was the most active stock.

However, its price was down by 8.68 percent. But on Thursday, it made a slight gain of 0.24 percent.As far as the worst performers are concerned, the share price of Dewan Farooque Motors Limited was down by 10.62 percent, First Pak Modaraba by 9.79 percent and Capital Assets Leasing Corporation by 9.09 percent.