KARACHI: Following its biggest one-day loss, bulls took control of the Pakistan Stock Exchange (PSX) on Wednesday, as the market gained more than 1,600 points.
The benchmark KSE-100 index saw gains of 1692.65 points, or 2.86%, to close the day at 60,863.62 points, up from a close of 59,170.97 points the previous day, when it saw losses of 2,534 points, or 4.11%.
The high-leverage issue also seems to be resolved, according to Raza Jafri, Head of Equities at Intermarket Securities, who told Geo.tv that the KSE-100 had “bounced back from technical support levels”.
“There will be nervous days as elections approach, but it is encouraging to see the market forming a base after its recent sharp decline,” Jafri stated.
As per the brokerage business Arif Habib Limited, situated in Karachi,A day earlier, the KSE-100 index saw its biggest-ever decrease, falling 11% from its peak of 66,427 points.
Major industries including automakers, chemicals, banks, fertilizers, energy businesses, real estate, and refineries had gains that contributed to today’s stock market boom.
Compared to Tuesday’s total of 670.859 million shares, the overall trading volume dropped to 669.3 million shares. Over the course of the day, shares worth Rs16.1 billion were traded.
355 firms’ shares were exchanged. Of these, 61 stocks closed down, 20 stayed the same, and 274 stocks closed higher.
K-Electric Ltd., which traded 1.02 billion shares and gained Rs0.45 to settle at Rs4.89, was the volume leader. Pakistan Telecommunication Company Ltd., with 55.4 million shares, and Fauji Foods Limited,Telecommunication Company Ltd. closed at Rs12.25, down Rs0.04 on 55.4 million shares.
