PSX turns around to bullish trend, gains 756 points

KARACHI: The Pakistan Stock Exchange (PSX) turned around to bullish trend on Tuesday, ARY News reported.

The KSE-100 Index of the Pakistan Stock Exchange gaining 756.91 points, a positive change of 0.68 percent, closing at 112,743.80 points as compared to 111,986.89 points on the last trading day.

Analysts at Topline Securities said that after enduring four consecutive bearish sessions, the bulls made a strong comeback today.

They said the investor sentiment improved significantly, fuelled by positive economic data. On the news front, annual inflation continued its downward trajectory, reaching a nearly decade-low of 1.5% year-on-year in February.

The market’s recovery was led by buying interest in key sectors, as investors capitalized on recent dips. UBL, MARI, FFC, SEARL, and HUBC were among the top contributors, collectively adding 400 points to the index, the analysts added.

A total of 206.851 million shares were traded during the day as compared to 208.881 million shares the previous trading day, whereas the price of shares stood at Rs11.337 billion against Rs11.881 billion on the last trading day.

As many as 429 companies transacted their shares in the stock market, 221 of them recorded gains and 150 sustained losses, whereas the share price of 58 companies remained unchanged.

The three top trading companies were WorldCall Telecom with 12.563 million shares at Rs1.40 per share, Citi Pharma Limited with 12.282 million shares at Rs92.93 per share and Pak International Bulk with 10.341 million shares at Rs9.12 per share.

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Unilever Pakistan Foods Limited witnessed a maximum increase of Rs61.32 per share closing at Rs23,066.34 whereas runner-up was Sapphire Textile Mills Limited with Rs28.82 rise in its share price to close at Rs1,200.

Mehmood Textile Mills Limited witnessed a maximum decrease of Rs42.52 per share price, closing at Rs385.73, whereas the runner-up was Reliance Cotton Spinning Mills Limited with Rs33.41 decline in its per share price to Rs483.67.