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PSX recoups 984 points to close at 37,647

PSX recoups 984 points to close at 37,647

KARACHI: The Pakistan Stock Exchange on Wednesday bounced back as the benchmark KSE 100-share Index recorded an increase of 983.96 points or 2.68% to settle at 37,647.34.

The KSE-100 index shot up from the moment trading began, gaining over 2% to power past the 37,600-point mark. Investors picked up stocks at attractive valuations as the index was at a 28-month low. All index-heavy sectors including automobile, cement and exploration and production closed in the black.

Earlier at 13:06, the KSE-100 index, a benchmark for market performance, was up 791.59 points or 2.16% to stand at 37,454.97 points.

In the past four sessions, the index had cumulatively dropped 5.6% and closed at the 28-month low of 36,633.83 points on Tuesday.

Overall, trading volumes increased to 194.2 million shares compared with Tuesday’s tally of 181.7 million. The value of shares traded during the day was Rs5.99 billion.

Shares of 385 companies were traded. At the end of the day, 324 stocks closed higher, 46 declined and 15 remained unchanged.

TRG Pakistan was the volume leader with 22.1 million shares, gaining Rs1.04 to close at Rs21.94. It was followed by Lotte Chemical with 10.6 million shares, gaining Rs0.98 to close at Rs14.22 and The Bank of Punjab with 8.7 million shares, gaining Rs0.59 to close at Rs11.15.