PSX witnesses historic day as trade volumes reach all-time high

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KARACHI – The Pakistan Stock Exchange (PSX) on Wednesday broke all previous records as trading volumes surged to a historic 1.56 billion shares.

The benchmark KSE-100 index witnessed an increase of 511.65 points climbing to 46,812.31 as bulls overpowered bears in today’s session.

The development comes as the government projected the country’s growth rate at 3.94% that is around double then the projections of the World Bank and the International Monetary Fund (IMF), and promised to announce a growth-oriented budget for the upcoming fiscal year.

The growth figure of 3.94% indicates a healthy economic recovery of Pakistan from the fallouts of the COVID-19 pandemic.

Despite historic trade volumes, major sectors including cement remained in the red.

Earlier, trading started on a positive note and the KSE-100 index remained in bullish mode.

Federal Ministry for Planning and Development in a tweet said, “New daily traded volume record set on the Pakistan Stock Exchange”.

He added that today’s volume exceeded previous record by 39 %.

“Market reacting to signs of sustained recovery. The successful containment of the covid 3rd wave..Though risk still remains.. Also adding to positive sentiment,” he concluded.

Read more: https://pakobserver.net/fy2020-21-pakistan-estimates-gdp-growth-at-3-94-almost-double-than-imf-wb-projections/

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