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PSX crosses 44,000 level after adding huge 704pts till midday

PSX crosses 44,000 level after adding huge 704pts till midday

KARACHI: The Pakistan Stock Exchange crossed 44,000 level after adding huge 704 points till midday on Tuesday and reached 44243 level.

The stocks opened keeping previous day’s positive note and gained 288 points to reach 43828 level in early trading.

On Monday, the stocks edged higher with support of blue-chip stocks. OGDC, MCB, ENGRO, POL, and PSO remained top contributors to the 100-share index, adding 181 points. The benchmark index gained 176 points to close at 43,540 points.

Automobile assemblers closed in the green zone, as auto experts predict demand for automobile to cross 500k mark by 2022. Pak Suzuki Motors (PSMC) and Honda Cars (HCAR) gained 1-4 percent.

Market witnessed thin participation, where volumes posted decline of 40 percent, while value declined by 22 percent. Stocks including HBL (-1.4 percent), PAKT (-5 percent), DAWH (-2.6 percent), PPL (-1.1 percent) & PMPK (-5 percent) withheld 124 points from the index. Moreover, out of 377 active stocks, 182 advanced while 180 declined and the rest closed unchanged.