PSX records highest daily volume in history

Bulls ruled at the Pakistan Stock Exchange (PSX) on Wednesday with the daily traded volume reaching an all-time high of 1,560 million shares changing hands during the session.

While the shares of one company – WorldCall Telecom Limited – recorded close to half of the total shares traded during the day, the KSE-100 Index – the benchmark for market performance – climbed steadily towards 47,000, increasing 511 points or 1.11% to settle at 46,812.31.

However, the index’s march paled in comparison to the overall volumes of the day that recorded the highest level in history, breaching the previous number recorded on February 11, 2021, when 1,125 shares were traded, according to AHL research.

“New daily traded volume record set on the Pakistan Stock Exchange (PSX),” tweeted Minister for Planning, Development and Special Initiatives Asad Umar. “Today's volume exceeded the previous record by 39 percent. Market reacting to signs of sustained recovery.”

Umar said efforts in containing the spread of Covid-19, “sustained economic recovery” have added to the positive sentiment. However, he cautioned that the risks remained intact.

Worldcall Telecom (WTL) led the volumes chart with 707.73mn shares, followed by Hum Network Limited (HUMNL – 112.5mn) and Unity Foods Limited (UNITY). Together, the three scrips saw a total volume of 865.3mn shares, covering 55% of the total on the exchange.

The sectors driving the benchmark KSE 100 Index were banking (146.80 points), technology and communications (98.20 points), Oil and Gas Exploration (72.80 points).