PSX Breaks 16 Year Old Volume Record - Pakistan News Digest - Pakistan News Digest

PSX Breaks 16 Year Old Volume Record - Pakistan News Digest

PSX Breaks 16 Year Old Volume Record

Pakistan Stock Exchange witnessed a 16-year high in terms of traded volume today.

According to Arif Habib Ltd, today’s volume galloped to 1.010 billion shares (ready volumes), which is the highest volume after 16 years. Previously, volumes of 1.086 billion shares were on February 23, 2005.

At the end of the day, the benchmark index, KSE-100, was closed at 46,664 points, down by 30.48 points or 0.07 percent. The market opened sideways but juggled between a range of 503 points, registering an intraday high of 170 points and a low of 333 points.

CEO of the financial advisory Alpha Beta Core, Khurram Schezad, told ProPakistani that PSX’s historic volumes trade was driven by a handful of penny stocks

He stated that this record volume of shares was seen after 16 years but is very concentrated in terms of the number of stocks that contributed to today’s huge volume.

Schezad noted that WorldCall Telecom (WTL) alone drove 37 percent of the total volumes today, while 51 percent of this historic volume has been driven by only three, and mostly penny, stocks. The second was K-electric (KEL) (10 percent), and the third stock that contributed to most to these volumes was Telecard.

According to Topline Securities, the E&P sector closed 1.67 percent down on lower international oil prices. Investors were mainly concentrated in the cement sector where Pioneer cement, Kohat Cement, Cherat Cement, and Lucky Cement closed higher.

In the All shares index, 1.01 billion shares were traded today, while 314 million shares were traded in KSE-100. Shares of 368 companies were traded overall. At the end of the day, 161 stocks closed higher, 191 declined, and 16 remained unchanged.

 

Source: Propakistani

   

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