A bullish trend continued on Pakistan Stock Exchange (PSX) for the third consecutive day on Wednesday (today) due to aggressive buying by local investors in various sectors.
The positive sentiment was strengthened by the news of army chief General Qamar Javed Bajwa getting a three-year tenure extension. According to the market players, this major development indicates that government policies are aimed at maintaining stability and continuity to spur economic growth.
The KSE-100 Index surged by 856.80 points or 2.90 percent highest in the last three days and closed slightly above 30,000 crucial level reaching 30,419.22 points.
Trading activity also improved significantly as daily volumes increased to 142.578 million shares yesterday as compared to 102.515 million shares traded on Monday.
Bank of Punjab closed on top of the volume table with 10.364 million shares. It gained Rs. 0.64 to close at Rs. 7.93 followed by TRG Pak that lost Re 0.02 to close at Rs 13.20 with 8.992 million shares.
Nestle Pakistan and Indus Motor Co. were the top gainers with Rs. 149.75 and Rs. 43.12, respectively to close at Rs 6,130.00 and Rs 1,049.23.
Bata Pak and JDW Sugar ended up being the top losers with Rs. 42.41 and Rs. 14.19, respectively to close at Rs 1,132.75 and Rs 275.81.
Automobile Index increased by 122.36 points to close at 4,835.68 points with total turnover of 935,580 shares while the Cement Index gained 43.24 points to close at 2,657.97 points with 17.965 million shares.
Moreover, Commercial Banks Index escalated by 304.44 points to close at 7,405.41 points with 24.874 million shares and the Power Generation and Distribution Index closed at 4,121.35 points, up 131.61 points with 8.559 million shares.
The Oil and Gas Index surged by 108.17 points to close at 3,371.53 points with 20.789 million shares, meanwhile, Tech. & Comm. Index gained 4.04 points to close at 655.73 points with 15.630 million shares.
Sentiments of the investors remained high due to multiple reasons including the intervention of US President Donald Trump in Kashmir dispute which is expected to ease out the regional instability.
Till yesterday, the top contributors to the index were HBL (88 points), ENGRO (80 points), MCB (73 points) and HUBC (66 points).