Business

Shares climb sharply despite opposition’s protest rally in Lahore

KARACHI: Pakistan Stock Exchange (PSX) scored gains for the second consecutive session where the index comfortably crossed 43000 mark despite opposition’s anti-government rally on Mall Road in Lahore.

The KSE-100 Index closed at 43358.97, up 419.29 points (+0.98%), with a traded volume of 64.02 million shares and traded value of Rs 5.19 billion. In USD terms, the traded value was around 46.98 million dollars.

The market in two sessions almost gained more than 900 points where investors dumped the movement announced by the union of the political arms in the country. Investors size able deals in the choice scrips and index stage a grand appreciation.

The positive market momentum continued at the PSX today on the back of foreign inflows (net USD 64mn for the month so far). Investors remained buoyant across the board brushing aside the drop in FDI by three percent. in first half of the year and the conjoined protest organized by PAT, PTI and PPP against the ruling party.

The index got positive sigh of relief from the statement that the government would soon announce another export package to lift the shipments from the country. Already exports recorded healthy growth but eye brows raised on the whopping trade deficit which already in six months have reached nearly 19 billion dollars.

The market after two days of volley might face some selling pressure in last two days of the working sessions as profit taking might erupt from foreign investors, mutual funds and high net worth individuals.

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