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PSX gains another 590pts till midday

PSX gains another 590pts till midday

KARACHI: The upward rally continued at the Pakistan Stock Exchange as it gained another 590 points to reach 49334 points level till midday on Friday.

Earlier, the PSX witnessed a cheerful morning day after the Panamagate verdict as the benchmark 100-index added huge 780 points to take the tally to 49524 points level in early trading.

On Thursday, soon after the judgment of Panama Leaks case revealed, the KSE-100 index surged to an intraday high of 49,509 points (up 1905 points or (3.85%). In point terms, up 1905 points is the largest-ever single day upside move. Once the initial euphoria settled, some participants opted to book profits, resulting in the market receding from its highs to close at 48,744 points by gaining 1,140 points or (up 2.4%).

The market participation witnessed a huge activity with volume surging 54% d/d to 408 million shares, while traded value exploded 68% to Rs25.7 billion/$245 million. HBL reported EPS of Rs6.1. ASTL reported EPS of Rs1.1 (-9% YoY), and the result was above market expectations.