KARACHI: Pakistan stocks gained 508 points on Thursday, contributing to an impressive bull run in the Pakistan Stock Exchange (PSX).
Analysts at Arif Habib Limited said that the market opened in the green and continued to trade in the green for the remainder of the session, reaching an intraday high of 587.33 points.
READ MORE: Pakistan equities rise by 51 points in mixed trading on PSX
The performance of the PSX was driven by strong showings in several sectors. Commercial banks contributed 169.8 points, while fertilizer added 150.7 points. Investment banks, investment companies, and securities companies contributed 68.3 points, cement added 36.2 points, and power generation and distribution contributed 35.7 points.
READ MORE: Pakistan stocks gain 201 points on positive trading day
The bull run was made possible by investors choosing to add value to their portfolios by adding strong fundamental stocks following impressive financial results prior to the extended Eid holiday.
Volumes climbed sharply across the board, with third-tier stocks dominating. Volumes increased from 84.2 million shares to 173.8 million shares, an increase of 106.5% DoD. The average traded value also increased by 58.0% to USD 20.2 million as against USD 12.78 million. Stocks that contributed significantly to the volumes are WTL, FFL, PRL, HASCOL and ENGRO.
READ MORE: PSX gains 41 points in mixed trading session
The impressive bull run in the Pakistan Stock Exchange indicates positive sentiment among investors and suggests that the economy is on a path to recovery. The performance of various sectors indicates the resilience of Pakistan’s economy despite the ongoing pandemic.
