The stocks market continued its gaining streak for the second consecutive session. The index added 406.11 points (1.06%) to end at 38,627.7 points. Despite the week being a short one due to Eidul Azha, investors decided that it was wise to pick up stocks. While foreigners continued selling of $2.67 million, mutual funds and individuals covered the loss by investing a total of $3.69 million. Trading volume increased by 37% to reach 394.3 million shares.
Amongst the major gainers were Wyeth Pak Ltd and Phillip Morris Pakistan. The major losers included Nestle Pakistan and Sapphire Tex. The shares of Pak Elektron and Maple Leaf were amongst the most traded ones. The shares of 251 companies saw an increase in value but 122 companies suffered a loss. The market reached an intraday high of 480 points.
There were plenty of triggers to bolster the 100 index. The postponement of the monetary policy till September was welcomed, and so was the State Bank of Pakistan’s receival of $505.5 million from the world Bank. Habib Bank Limited’s profits further bolstered the market. The day also saw another decrease in the number of covid 19 cases and deaths, which helped the market see another day off with a gain.
Great