Benchmark continues to gain after Panama verdict
KSE-100 Index regained 50,000 levels by adding 403 points to close in green near very little to all time high levels at 50,111 levels here on the opening trading session on Monday.
Total volumes touched 399.46 million, worth Rs22.21 billion. A total of 388 symbols were traded at the Pakistan Stock Exchange, of which 222 advanced, 154 declined and 12 remained unchanged.
It was the fourth trading session in a row when the index kept on moving upward trend after the drop scene of Panama Papers case last week.
Amid improved market volume of 399 million all shares Power cement was the volume leader of the day with a trade volume of 36 million shares to its credit. The other two volume leaders were including Aisha Steel 28 million shares and Azgard Nine with 26 million shares to their credit respectively.
Volumes were led by: Power Cement Ltd: 35.84m shares traded (+4.72pc) Aisha Steel Mill: 28.39m shares traded (+4.91pc) Azgard Nine: 26.75m shares traded (-0.08pc) TRG Pak Ltd: 22.39m shares traded (+4.99pc) Engro Polymer: 20.11m shares traded (+4.99pc) Brokers commenting on the situation attributed the PSX positivity to confidence reposed on the country’s economic growth by international agencies followed by positive reports emerging from agriculture sector.
They also appreciated that despite all apprehensions, PSX’s benchmark KSE-100 Index reacted positively establishing that political system, during past more than decade had gained certain strength, reflecting its impact on the market and businesses.