ISLAMABAD: The KSE-100 index regained more than 1690 points on Wednesday, marking an end to profit-taking phase.
The benchmark index edged up to over 61,000 points before falling to 60,863 at 3:30 pm on Wednesday.
The market recovered 2.68 percent of its lost strength just a day after recording Black Tuesday when the KSE-100 index lost over 2500 points.
On Wednesday, the volume of traded shares amounted to 393.66 million till 3:30 pm involving 11.94 billion rupees.
Earlier, the KSE-100 index bounced back from a significant drop seen the day before, marking a notable recovery.
At 1:00 pm PST, the index stood at 60,309, showcasing a gain of 1,138 points or 1.92%. The trading volume hit 207.08 million shares during this period.
A prominent Brokerage House, Arif Habib Limited, highlighted in yesterday’s post-market report that historically, the KSE-100 tends to rebound after a 10% drawdown from its peak in bull markets.
The previous day’s close resulted in a total loss of 7,923 points or 11.81% since its peak on December 13.
Today, the KSE-100 index is finding support primarily from Commercial Banks with 245.3 points, followed by contributions from Fertilizer (114.21), Power Generation & Distribution (89.55), Cement (74.54), and Refinery (56.21).
Notable companies boosting the index include EFERT (70.17), MEBL (69.81), HUBC (64.33), BAFL (37.24), and HBL (35.59) points.
In the broader market scope, the All-Share index stands at 40,332.06, showcasing a net gain of 613.30 points.
It’s worth noting that during the fiscal year, the KSE-100 has seen a robust increase of 18,856 points or 45.49%, while the ongoing calendar year has witnessed a cumulative rise of 19,889 points, equivalent to 49.2%.
