Experts believe US election had a positive effect on PSX
The benchmark KSE-100 index rose 476 points to 40,340.32 at its opening on Wednesday and stayed above 40,000 points throughout the first half of the trading day.
As the morning wore on, the market dipped downwards and by noon it had dropped to 40,019. The market rallied for the rest of the session and rose to a new high of 40,431.56 in the second half of the day.
Investors are buying in the Pakistan stock market, and experts believe that the US stock market and crude oil prices have taken off on news of the presidential change in the United States. The Pakistani stock market also responded positively to the news by staying above 40,000 points.
The dollar fell in the interbank market by Rs0.19 to below Rs160, adding fuel to the buying spree. Experts say that the current account surplus for four consecutive months has had a positive effect on the rupee.
Wednesday’s stocks with the largest trade by volume were Fauji Fertilizer Bin Qasim, Unity Foods Limited, TRG Pakistan Limited, Hascol Petroleum Limited and Hum Network Limited.
The largest rise in value was seen by the stocks for Saudi Pak Leasing Company Limited, First Pak Modaraba and Shadman Cotton Mills Limited. The biggest drop in value was seen by Fauji Fertilizer Bin Qasim, Unity Foods Limited, Dewan Sugar Mills Limited and Hala Enterprises Limited.