The business week began with a robust start at the Pakistan Stock Exchange (PSX) as investors showed keen interest in buying shares, propelling the major indices higher. Buying was strong in the market, led by an increase in investor confidence, and was seen in the major sectors.
The KSE-100 index closed at 178,200.02 points with a 2,105.91-point, or 1.20 percent, jump on official market data. The index was highest during the trading session at 178,985.95 points; the lowest was 177,759.88 points. Share trading volume of companies in the index totalled 255.20 million, reflecting the high level of the activity of investors.
Likewise, the KMI-30 index also performed well, with an increase of 4,080.05 points and settling at 251,278.11 points. The daily gain on the index was 1.65 percent, with the high and low during the day at 252,009.89 and 250,125.78 points, respectively. The volume of the index traded was 116.52 million shares.
Shares of Fauji Fertiliser Company (FFC), Meezan Bank (MEBL), Lucky Cement (LUCK), Pakistan Petroleum Limited (PPL) and Engro Holdings (ENGROH) played a significant role in maintaining the positive momentum in the market. On the other hand, Nestlé Pakistan, MCB Bank, Colgate-Palmolive Pakistan, Packages Limited and IBFL had a limited negative impact on the KSE-100 index; however, the overall market trend remained positive.
The data showed that the performance of the KSE-100 index during the current calendar year, 2015, was 2.38%, and its performance on a FYTD basis was negative 1.17%. KMI-30 performance during the CYTD was recorded at 1.10%, while the FYTD performance was at negative 2.35%.
Experts in the market said that the main interest of the investors was in the banking, fertiliser, energy and cement sectors, leading to a large volume of buying. He stated that businesses’ financial results, economic signs and interest rate anticipations and government economic policies in the trading sessions ahead can impact market direction. Overall, the action of the first day of trading for the week is generally more favourable for investors, reflecting a positive trend in the market.