PSX recovers 564 points amid ‘technical issues’

PSX recovers 564 points amid ‘technical issues’

Business Desk

KARACHI: The Pakistan Stock Exchange (PSX) turned positive on Wednesday on the news of $4.2 billion support package from Saudi Arabia, and the benchmark KSE-100 Index recorded an increase of 564 points or 1.25% to settle at 45,792.
During the session, shares of 333 listed companies were traded, 245 of them closed in the green, 76 in the red, and 12 remained unchanged. Overall trading volumes increased to 180.4 million shares and the value of shares traded during the day was Rs 7.1 billion. Topline Securities, in a report, attributed the rally to improvement in sentiments owing to reports suggesting that Saudi Arabia would deposit $3 billion cash in SBP and also provide $1.2 billion worth of oil on deferred payments, “which will pave way for the resumption of the IMF programme.” “However, the new trading system kept the activity restricted and trading was also suspended at noon for 2 hours and 30 minutes to resolve technical issues,” it added. The three top trading companies were WorldCall Telecom with a volume of 11,836,000 shares and price per share of Rs 2.38, Unity Foods Ltd with a volume of 11,012,251 and price per share of Rs29.76 and Hum Network with volume of 10,176,000 and price per share of Rs 6.76. Allawasaya TexXD witnessed a maximum increase of Rs 122 per share. Philip Morris Pak was runner up with increased of Rs 62.45 per share. Sapphire Tex XD recorded a maximum decrease of Rs 92.90 per share followed by Sapphire FiberXD which declined by Rs 50.50 per share.