KARACHI: The Pakistan Stock Exchange witnessed upward rally till midday after adding huge 523.39 points to again cross the psychological barrier of 40,000 mark on Tuesday.
The PSX benchmark 100-index reached 40417.23 points level till midday despite continuous political turmoil in the country over the Pakistan Tehreek-e-Insaf’s November 2 protest call.
Earlier, the stock market opened positive gaining 90 points to take the tally to 39983.92 points level in early trading.
On Monday, the stocks remained positive all the day, but closed almost flat after gaining 20.96 points to reach 39,893.84 points level.
K-Electric (up 2.5%), which was volume leader, gained on the back of Abraaj Group’s announcement that KES Power (Abraaj controlled) had entered into a definitive agreement to divest its 66.4% shareholding in K-Electric to Shanghai Electric Power Company Limited (SEP) for a consideration of $1.77b. PNSC (up 1.8%) continued its post-result momentum, as the shipping company announced that it had decided to introduce ferry service. NETSOL (up 4.8%) also closed up on strong 1QFY17 result announcement. Overall, volumes declined by 27.7% to 237m shares, while value decreased by 31% to Rs7.5b/$72m.
