KARACHI: The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) rebounded on Wednesday, recording the highest single-day increase of over 4,000 points, ARY News reported.
The benchmark index gained 4,695.09 points, or 4.96 percent, to settle at 99,269.25 points at the closing of the stock market, as against the previous day’s closing of 94,574.16 points.
A total of 1.05 billion shares were traded during the day compared with the turnover of 1.11 billion during the previous trading day at the PSX.
The price of shares stood at Rs39.556 billion as against Rs43.291 billion on the last trading day at the stock market.
As many as 453 scrips were active in the Pakistan Stock Exchange, out of which 356 recorded gains and 52 sustained losses, while the share price of 45 companies remained unchanged.
Analysts at Topline Securities attributed the historic rally at the PSX to an easing political environment after the PTI decided to end its protest in Islamabad a day earlier.
“This shift marked a complete reversal from Tuesday’s turmoil, where the benchmark KSE-100 Index experienced its biggest single-day drop, plunging by 3,800 points. In an extraordinary recovery, the market rebounded with a gain of 4,975 points, fully offsetting and surpassing the previous session’s losses,” they said.
As per the analysts, the market capitalisation recorded an increase of Rs526 billion today, marking the second-highest single-day surge in the history of the Pakistan Stock Exchange.
The three top trading companies were Bank of Punjab with 114.96 million shares at Rs7.85 per share, followed by Hascol Petrol with 106.28 million shares at Rs 12.59 per share. K-Electric Limited remained the third with 91.2 million shares at Rs5.15 per share.
Unilever Pakistan Foods Limited witnessed a maximum increase of Rs348.78 per share price, closing at Rs19,368.13, followed by Rafhan Maize Products Company Limited with Rs175.25 rise in its per share price to Rs7,988.75.
Rafhan Services Limited witnessed a maximum decline of Rs50.29 per share closing at Rs827.72 followed by Sapphire Textile Mills Limited with Rs26.35 decline to close at Rs1,151.64.
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