Karachi: The Pakistan Stock Exchange witnessed a rally on Thursday due to investor buying. The benchmark KSE-100 index closed at 166,186.16 points after increasing by 768.66 points, or 0.46 percent. Despite the volatility in the market during the day, the index ended the trading on a positive note.
According to Pakistan Stock Exchange data, the index reached a low of 165,613 points during trading; however, it later reached a high of 166,877 points due to increased buying. In the last session, some investors sold shares to take profits, which brought the index down from its highest level.
A major reason for the recovery in the market was selective buying in shares of large companies. According to broking house Topline Securities, shares of PTC, FFC, Hubco, OGDC and Systems supported the index. These companies increased by about 340 points in total.
Significant volume was also recorded in business activities. The total volume of shares on the All Share Index was about 517.6 million, while their value reached Rs 23.57 billion. The value of shares in the previous session was about Rs 20 billion. The total capitalisation of the market also increased to about Rs 18,475 billion.
However, it is premature to call the one-day rally a sign of permanent stability in the market. After the selling pressure in recent sessions, investors have been focusing on relatively low-priced shares. On the other hand, concerns about global oil prices, regional tensions and domestic economic conditions may affect the market trend.
In the coming sessions, the continued interest of investors, financial results of companies and signs of improvement in economic conditions will be important for the market direction.
We welcome your contributions to The Pakistan Today. Submit your blogs, articles, press releases, news story pitches and news features to our editorial team.
Please send your submissions to our News Desk or Editorial team. We look forward to hearing from writers, journalists and contributors.
