PSX gains 635 points as volumes soar

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  • Trade volumes crossed 200m mark for the first time in a month

KARACHI: Positive news from Islamabad triggered some excitement within the investors of the Pakistan Stock Exchange (PSX), as the volumes crossed the 200 million mark for the first time in a month on Wednesday.

On the political front, former prime minister Nawaz Sharif received some relief from the Supreme Court, while on the economic front, relief might come in the form of another tax amnesty scheme for non-filers. Also, the State Bank is set to announce the monetary policy statement on March 29th.

Trade volumes on Wednesday flew to 227.83 million with right shares of Unity Foods Limited (UNITY +52.63pc) leading the flight. The rights saw 80.42 million shares exchanging hands, making up for 35pc of the total market volume. Worldcall Telecom (WTL +5.50pc) was next on the chart with 13.61 million traded shares, followed by K-Electric Limited (KEL +3.67pc) with a volume of 13.40 million.

Indices traded in the green zone all day long. The KSE 100 index jumped 651.99 points to touch an intraday high of 38,981.12 and landed just nearby at 38,965.01, up by 635.88 points. The KMI 30 index also enjoyed the ride and added 2.49pc to settle at 64,081.55. The KSE All Share Index, with 245 advancers, added 347.05 points to end at 28,408.74.

Although all the stocks enjoyed a good trading day, four stocks collapsed to their lower circuit breakers. Security Investment Bank Limited (SIBL -11.78pc) was floored after the company declared a reduction in net profit from Rs60.68 million to Rs17.23 million. The board has approved its expansion plan to offer vault services.

The refinery sector was the top gainer of the day, adding 4.58pc to its cumulative market capitalization. Both Attock Refinery Limited (ATRL +4.99pc) and National Refinery Limited (NRL +4.99pc) traded at day’s maximum price. Pakistan Refinery Limited (PRL +4.06pc) and Byco Petroleum Pakistan Limited (BYCO +4.42pc) also clinched handsome gains.