Bullish Trend Continues at PSX, as KSE-100 Gains 331.59 Points

Tue May 30 2023
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ISLAMABAD: Upward trend continued at the Pakistan Stock Exchange (PSX) for the second consecutive day, and the KSE-100 Index gained 331.59 points or 0.8% rise on Tuesday.

Last day the 100-index gained over 370 points as investors’ confidence was still high over hopes of revival of the deal with IMF. The last-day spirit continued on Tuesday, where the investors preferred buying, particularly during the last session.

At the closing of the trade, the 100-index gained 331.59 points to settle at 41,671.65 against 41,340 on Monday.

On Tuesday, mostly the top-tier companies bought in different sectors, including banking, automobile, cement, fertilizer, technology and communication, and oil. Meanwhile, third-tier entities also continued to remain to dominate the volume board.

However, volume on the all-share index went down to 197.7 million from 346.4 million last day, while the value of shares traded down to Rs6.4 billion from Rs6.42 billion on Monday.

Bullish Trend at PSX

On Tuesday, 342 companies traded their shares, 211 registered gains, 107 sustained losses, and 24 remained unchanged.

WorldCall Telecom remained dominant as the volume leader with 31.1 million shares, Link Communication settled as runner-up with 21.3 million shares, followed by TPL Properties with 10.8 million shares.

The market witnessed a bullish trend for two consecutive days, possibly due to the recent statement of Finance Minister Ishaq Dar, who said that the government would share details of the upcoming budget with the global lender (IMF) to unlock the next tranche of loan ($1.1b). Meanwhile, IMF Chief to Pakistan Nathan Porter also underlined that IMF and Pakistan continued engagements to revive the deal.

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