The Pakistan Stock Exchange (PSX) continued its upward momentum for the third consecutive day Thursday, the reference KSE-100 index reaching a summit of 126,025.99 points during intra-day trading.
The index increased by 1,673.31 points, or 1.35%, at the start of negotiations, marking a new stage for the scholarship during intra-day trading.
The index reached a daily top of 126,055.32 and a minimum of 124,807.09.
The previous fence was recorded at 124,52.68. The negotiation volume was recorded at 113,574,464 shares, with a total value of 11,375,804,736.
Earlier Wednesday, PSX saw a significant rally, the KSE-100 index amount of 2,328 points (1.91%) at a summit of 124,352.68, fueled by the optimism of investors after the federal budget.
The budget, which maintained the status quo on actions tax and an increase in restraint to restraint on bank deposits, was welcomed by market players, because it was considered favorable to capital markets and the economy.
Analysts pointed out that the budget provisions, including the projections of a budget deficit of 3.9% and a federal PSDP of RS1 billion, added to the bullish feeling.
Find out more: PSX in New Peak as Budget Sparks Optimism
ARIF HABIB CORP MD AHSAN MEHANTE observed that the actions have reached a new summit of all time, led by a general activity, while investors applauded the status quo on actions on actions and higher detention taxes on bank deposits in the 2010 budget.
Large participation has led the rally, with strong gains in sectors such as cement, oil and gas, banking services and fertilizers. Notable stocks such as lucky cement, Fauji fertilizer and Pakistan Petroleum have experienced significant gains.
Investors’ confidence has been further strengthened by the avoidance of new taxes and the continuation of subsidies for the key sectors.
JS global analyst, Mubashir Anis Naviwala, said the stock market had praised the budget with high optimism, breaking all levels of resistance to cross the 124,000.
A new historic intra-day summit of 124,588 was reached before the index was set to 124,353, up 2,328 points.
The market experienced a sharp increase in negotiation volumes, reaching 1.04 billion shares, with a value of 46.7 billion rupees. The exchanges of the day also experienced a positive trend in actions, with 283 actions closing the increase.
However, foreign investors have sold actions worth 1.1 billion rupees, as the National Clearing Company said.
