Pakistan Stock Exchange Limited beats its record
Aftab Ahmed
Islamabad: The Pakistan Stock Exchange Limited (PSX) has broken its one-day-old record as its trading volumes packed to an all-time high for the second successive day on Thursday at 2.22 billion shares.
The turnover of Pakistan Stock Exchange Limited was 42% higher than its volumes of 1.56 billion shares on Wednesday, according to market summary.
However, that record was short-lived as investors recorded a volume of 2.22 billion on Thursday. The KSE-100 Index switched to profit-booking and witnessed a retreat from the 47,000-point barrier.
The PSX said on its Twitter handle said that Pakistan Stock Exchange (PSX) had witnessed another record-breaking rally for the second consecutive day.
According to a summary of the Pakistan Stock Exchange market today, investors had traded the highest-ever volume of 2.5 billion shares that included on futures counter in a single day.
Experts have attributed the better performance of Pakistan Stock Exchange Limited to excellent corporate results, government policies, shareholder value, and initiatives the government had taken to build the confidence of investors that led to positive sentiment.
They say that these measures drove the historic performance the other day at the Pakistan Stock Exchange Limited. Experts further said that the outstanding growth in volumes had pointed out the rising confidence of investor confidence in the market of Pakistan Stock Exchange Limited and the national economy.
Increased sales of products by listed companies and a growth in their net profits have boosted the confidence of the investors to accumulate lucrative stocks of such firms.
A broker said that prevailing share prices have become attractive following the growth in sales and profit margins of different companies.
According to key points of the Pakistan stock exchange today, the top 100 companies recorded a three-year high growth of 23% in sales of their products in March 2021 that stood at 19% in the corresponding period of last year, according to AHL Research
The KSE-100 Index on Pakistan stock exchange Karachi on Thursday, retreated 21.56 points to settle at 46,790.75 after widely performing.
However, volumes continued increasing as the KE index-100 touched a high of over 47,200 in intra-day trading.
The daily volume went up 41% day-on-day while beating the previous record of 1.56 billion.
Penny stocks including WorldCall Telecom drover almost half the volumes on Pakistan Stock Exchange Limited.
The scrip remained the volume leader with 950.27 million shares which finished Rs0.02 higher. This was followed by Hum Network with an increase of Rs0.38 to finish at Rs8.19 with 172.481 million shares.
Silk Bank and Byco Petroleum traded over 126 million and 123 million shares, respectively on Pakistan Stock Exchange Limited staying at third and fourth on the list.
said Farrukh H Khan, Chief Executive Officer at the PSX said that containment of Covid-19, corporate results, government policies, and initiatives had boosted the confidence of investors and led to positive sentiment driving historic performance.
Topline Securities CEO Mohammad Sohail pointed out penny stocks were the major reason that drove the record volume.
Sectors that had wiped the gains of KSE-100 were fertilizer (28.71 points), tobacco (20.98 points), and automobile assembling (19.35 points).
