Pakistan Stock Exchange rebounds with 0.39% gain

KARACHI: In today’s trading session at the Pakistan Stock Exchange (PSX), a noteworthy turnaround unfolded as bulls made a strong resurgence, countering the losses witnessed in previous sessions and culminating in a positive close.

The benchmark KSE-100 Index concluded Thursday’s trading at 62,693.57, marking a significant upswing of 245.56 points, or 0.39 per cent.

Pakistan Stock Exchange – closing December 21

Throughout the day, the index navigated a range of 1,099.12 points, reaching an intraday high of 62,850.10 (+402.08) and a low of 61,750.97 (-697.04) points.

The trading day recorded a total volume of 527.22 million shares for the KSE-100 index, underscoring the market’s vibrancy.

This optimistic closure follows a succession of three declines endured by the KSE-100 index, leading to an overall loss of approximately 3,681 points.

Read more: PKR gains 11 paisa, marking 8th win against US dollar

Analysts attribute this correction to over-leveraged positions in the market, exacerbated by profit-taking by investors following an extended rally.

Interestingly, the profit-taking trend overshadowed even the favourable performance of the country’s current account, which posted a surplus of $9 million in November.

Among the 100 index companies, 59 concluded on a positive note, 20 experienced declines, none remained unchanged, and 21 remained untraded.

Supporting the KSE-100 index were refineries with 77.07 points, oil and gas exploration companies with 60.66, oil and gas marketing companies with 56.13, cement with 45.55, and textile composites with 38.54 points.

Conversely, the index faced setbacks from Inv. Banks/Inv. Cos./Securities Cos. with 68.2 points, Power Generation & Distribution with 41.76, Fertiliser with 41.7, and Food & Personal Care Products with 14.47 points.