Bull Run on Stock Exchange Continues as Market Closes 897 Points Higher
Posted by PROPK STAFF
The positive sentiments continued to grip Pakistan Stock Exchange (PSX) on Monday as investors continued heavy buying on scrips across the board.
Amid reported news about the positive outcomes of the scheduled visit of Prime Minister upcoming to China, investors continued heavy buying of shares across the board.
The benchmark KSE-100 index closed 897 points up to settle 41453 points. During the trading, the market crossed the psychological barrier of 41000 points’ level.
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The market opened in the green and surged over 350 points within no time. Following the opening of trade, bullish reigned supreme on the market. At one point during the trade, the index gained over 950 points. However, at the end of trading, the market closed 897 points up to settle at 41453 points’ level.
During Monday’s trading, 279,096,990 shares changed hands on the market.
Commenting on the trade, senior analysts and chief executive officer (CEO) of Arif Habib Corp Ahsan Mehnati said that bullish activity continued at PSX on speculations ahead of Prime Minister’s visit to China and $1bn UAE likely financial assistance to resolve external account imbalances. He added that uncertainty remained in fertilizer sector after concerns of urea plants concerns over ECC decision for higher gas prices.
He said that institutional interest in oversold scrips in oil, banking and cement sector played a catalyst role in bullish close.
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On Monday trading held on the shares of 410 companies out of which share prices of 274 companies increased while share prices of 121 companies decreased. Whereas share prices of 15 companies remained unchanged.
Wyeth Pak Ltd was the biggest gainer in term of per share gain followed by Nestle Pakistan. The share price of Wyeth Pak surged by Rs 62.88 per share to close at Rs 1320.63 while the share price of Nestle Pakistan Rs 55 to close at 9500. Colgate Palm was the biggest loser in term of per share loss followed by Service Industries Ltd. The share price of Colgate Palm surged by Rs 101 to close at Rs 2352 while the share price of Service Industries fell by Rs 25.69 to close at Rs 716.20.
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