The news has spread positive sentiments among the investors
It seems that the Pakistan Stock market (PSX) continues to experience a bullish trend due to the healthy buying mainly by the institutions and local investors. PSX again came under the limelight as it was recently reported that the benchmark KSE-100 index achieved a big milestone by crossing 42,900 points for the first time on Wednesday.
Subsequently, the total volume of shares traded increased by 6% to 496 million shares, which is well above the year-to-date (YTD) turnover which amounts 127 million shares. The news has spread positive sentiments among the local and foreign investors as many also experience surge in the share price.
“Foreign investors have just 6pc participation in the market while bulk of trading, say 60pc, is carried out by individuals,” Faisal Shaji, chief market strategist at Standard Capital Securities, said
Interestingly enough, it is worth noting that oil, gas and banking sectors were the major gainers yesterday with Habib Bank Limited (HBL) and United Bank Limited (UBL) contributed 56 points to the KSE-100 index gains. Adding to that, Oil and Gas Development Company, Pakistan Petroleum and Pakistan Oilfield contributed 15, 17 and 20 point to the index gains.
“Index gained to all time high on buying in banks and oil and gas stocks,” said Hammad Aman, an analyst at Topline Securities.
Nevertheless, the automobile sector experiences a bearish activity as the Japanese yen recovered. To be more specific, big automobile makers like Indus Motors dropped 0.72%, Ghandhara Industries Ltd 2.12%, Pak Suzuki 0.72% and Ghandhara Nissan 0.77%.