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Bull-run enters third day at PSX

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  • KSE-100 index edges up 262.30 points to close at 46,407.26.
  • Index oscillates between red and green zones as investors await corporate results.
  • Shares of 359 companies were traded during the session.

KARACHI: The bulls held on to their positions for the third consecutive session at the Pakistan Stock Exchange (PSX) on Tuesday and helped keep the benchmark KSE-100 index in the positive zone.

Political stability that emerged after newly elected Prime Minister Shehbaz Sharif took charge coupled appreciation of Pakistani rupee against the US dollar aided the rise of the bourse.

The KSE-100 index oscillated between red and green zones as investors awaited corporate results for the quarter ended March 31, 2022 in certain sectors.

Today, the benchmark KSE-100 index edged up 262.30 points, or 0.57%, to close at 46,407.26 points.

Benchmark KSE-100 index intra-day trading. — PSX data portal
Benchmark KSE-100 index intra-day trading. — PSX data portal

A report from Arif Habib Limited in its post-market commentary noted that another positive session witnessed today due to political stability and appreciation of Pakistan rupee against the US dollar.

Across the board rally was witnessed regardless of foreign selling spree; meanwhile main board activity remained healthy.

Moreover, market even witnessed hefty volumes in the third-tier stocks.

Sectors contributing to the performance included technology (+96.7 points), cement (+55.7 points), banks (+52.2 points), engineering (+24.9 points) and refinery (+20 points).

Shares of 359 companies were traded during the session. At the close of trading, 172 scrips closed in the green, 172 in the red, and 15 remained unchanged.

Overall trading volumes dropped to 493.59 million shares compared with Monday’s tally of 557.67 million. The value of shares traded during the day was Rs13.85 billion.

WorldCall Telecom Limited was the volume leader with 62.03 million shares traded, losing Rs0.06 to close at Rs2.07. It was followed by Telecard Limited with 32.65 million shares traded, gaining Rs0.73 to close at Rs16.96 and Flying Cement with 30.85 million shares traded, losing Rs0.83 to close at Rs8.80.

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With its second-largest surge ever, PSX approaches 114,000 points.

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Driven by renewed activity from both private and government financial institutions, the Pakistan Stock Exchange (PSX) saw its second-largest rally in history on Monday.

The market regained many important levels in a single trading session as it rose with previously unheard-of momentum.

Intraday trading saw a top increase of 4,676 points, and the PSX’s benchmark KSE-100 Index gained 4,411 points to settle at 113,924 points. This impressive rebound demonstrated significant investor confidence by reestablishing the 100,000, 111,000, 112,000, and 113,000-point levels.

The market also saw the 114,000-point limit reestablished during the trading session.

The positive tendency was reflected when the market’s heavyweight shares touched its upper circuits. Among the most busiest trading sessions in recent memory, an astounding 85.78 billion shares worth a total of Rs55 billion were exchanged.

Experts credited the spike to heightened institutional investor activity and hope for macroeconomic recovery. Considered a major market recovery, the rally demonstrated the market’s tenacity and development potential.

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In interbank trade, the Pakistani rupee beats the US dollar.

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In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

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Phase II of CPEC: China-Pakistan Partnership Enters a New Era

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The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.

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