KARACHI: Pakistan Stock Exchange (PSX) on Tuesday witnessed a buying spree, taking the index nearly 1.7% higher to close at 48,227.60.
A drop of about 100 points quickly turned into a gain of over 650 as the market became abuzz with screenshots of news channel tickers based on sources claiming the incoming caretaker setup was committed to fixing the sector’s circular debt issue.
Intraday trading soon saw a surge in buying interest in index-heavy OGDC, PPL, and SNGP shares.
At close, the KSE-100 Index was at the 48,227.60 level, an increase of 797.77 points or 1.68%.
Sectors adding gains to the benchmark included banking (175.53 points), oil and gas exploration (169.02 points) and power generation and distribution (131.95 points).
Volume on the all-share index decreased to 312.3 million from 336.1 million on Tuesday.
However, the value of shares traded increased to Rs14.3 billion from Rs12.5 billion in the previous session.
Oil & Gas Development Company Limited remained the volume leader with 37.7 million shares, followed by Pak Petroleum Limited with 22.8 million shares and JS Bank Limited with 21.6 million shares.
Shares of 337 companies were traded on Wednesday, of which 207 registered an increase, 111 recorded a fall, and 19 remained unchanged.
