Stock market rallies as trading volume soars
KARACHI: The bulls staged a smart comeback on Monday as investors were encouraged after war drums fell silent.
Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index, which took an essential correction last week, defied the trend of global slump and rallied 439 points (1.1 per cent) to close at 40,221.
The trading volume decreased to 484 million shares from 506m shares traded on Friday. Although all 10 volume leaders were second- and third-tier stocks, some big-ticket scrips also performed well on Monday. Trading value, therefore, rose to Rs11.8 billion from Rs6.8bn on Friday.
Industrials rose 3.12pc, telecommunication 2.27pc, cements 1.57pc and consumer goods 1.30pc. Recovery was also seen in and textiles and fertiliser stocks as Nishat Mills (NML), Nishat Chunian and Gadoon Textile hit their upper circuits. Engro Corporation (ENGRO) was up 2.5pc and Fauji Fertiliser (FFC) closed 1.86pc higher.