Karachi (Staff Report/Agencies): The Pakistan Stock Exchange (PSX) continued its record-breaking upward trajectory on Tuesday as KSE-100 index testing the 50,000 barrier in intraday trading for the first time in its history, before being closed at 49968.92 points.
The index gained 173 points soon after the market opened to touch 50,050.19 points by 9:34am. It later succumbed to selling pressure, losing 429 points. However, the benchmark gained 92.74 points by the end of the day. The market's gains were underpinned by buying in oil and cement stocks.
“It is a technical market correction; market may hover close to 50,000 level and may cross the fifty thousand mark in current or next session,” Fawad Khan, head of research at KASB Securities Private said. “The index performance shows the local investors' confidence in the market.”
The trading volume decreased to 509 million shares from 600 million shares traded on Monday, while the value of shares traded increased to Rs 28.5 billion from Rs24.5 billion on the previous session. The benchmark index soared 61 per cent over the last 12 months, making it one of world's top performing indexes.