Alam Zeb Khan
ISLAMABAD: Pakistan Stock Exchange continued its bullish trend for the third and this time with a major bullish trend with some positive news circulating in media including hopes from the International Monetary Fund (IMF). The 100-index gained 729 points on Wednesday after the government hinted to IMF to fulfil all its demands ahead of the release of the next tranche.
The 100-index closed on Wednesday with a positive change of 1.87% to close at 39,784.90 points. Last day the index also received more than 400 points while on Monday it gained over 40 points. In total the PSX-100 index gained more than 1,200 points during last three days providing some relief to the traders for a huge loss of over 2,200 points in the first week of this month.
During the day, different sectors including banks, fertilizers, production, cement, and technology & communication all received gains while the total volumes increased from 179.8 million shares to 269.5 million shares, up 49.9%, whereas the average traded value also went up by 65.7% to $45.8 million as compared to $27.6 million the previous day.
Companies with bullish trend
The leading companies that transacted their shares WorldCall Telecom, TPL Properties Limited, Pakistan Petroleum Limited, Sui Northern Gas Pipelines, and TRG Pakistan. Meanwhile Engro Corporation, Habib Bank Limited, United Bank Limited, MCB Bank, and TRG Pakistan added gains to the index, while System Limited, Pakistan Services Limited, and Engro Fertilizer Limited sustained loss to their shares.
Last day, Prime Minister Shehbaz said that the government has communicated to the IMF to fulfil all its demands as the incumbent government wanted to put back the country on track. Views of the Prime Minister inculcated optimism among the traders resulting bullish trend in the stock.
