Share market breaks another barrier; trading above 58,000 points

KARACHI: Pakistan Stock Market (PSX) posted moderate gains on Monday after fluctuating between gains and losses through the day. Tuesday saw the share market begin on a bullish note and post over 500 points gain even before noon.

Wednesday continued with the trend. Today, the benchmark KSE-100 index opened at Tuesday’s closing of 57,371.58 points and by noon, the index had amassed 517.63 points to hover around 57,889.21 points by midday.

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Around noon, the index breached the psychological barrier of 58,000 points and by 2:30 pm, the share market was trading at an all-time high of 58,405.92 points. Some of these gains eroded soon afterwards, but the index continues to stay above 58,200 points.

The trading volume was slow early in the day with almost 89 million shares trading hands. However, by the afternoon the trading volume had also shot up at over 221 million shares traded.

The market growth was seen from multiple segments, showing an overall improving confidence in the market.