Pakistan stock exchange tests 50,000 barrier in intraday trading – pakistan – dawn. com


The Pakistan Stock Exchange (PSX) continued its record-breaking upward trajectory on Tuesday, with the KSE-100 index testing the 50,000 barrier in intraday trading for the first time in its history, before closing at 49968.92 points.

The index gained 173 points soon after the market opened to touch 50,050.2 points by 9:34am. How to read binary It later succumbed to selling pressure, losing 429 points. Binary to denary converter The benchmark gained 92.7 points from the day’s opening.

“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 Ltd, told Reuters.

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.

Although the index was nearing the 50,000 level and foreign selling continued unabated, local investors threw caution to the wind and continued to build new positions in almost all sectors.

The trading volume had jumped to 600 million shares from 460m shares traded on Friday, while the value of shares traded had increased to Rs24.5 billion from Rs22.9bn.

The significant feature of the day’s trading was the huge volume of 214m shares that changed hands in K-Electric, which alone accounted for 36pc of the day’s total volume.

The consortium comprises three Chinese exchanges — China Financial Futures Exchange Company Limited, the Shanghai Stock Exchange, the Shenzhen Stock Exchange and two local financial institutions – Pak-China Investment Company Limited and Habib Bank Limited.

The real reason for PSX out performance is because China is now starting plans to start market surveillance and provide technical assistance to PSX. Funny jokes tagalog 2016 Earlier, brokers regularly manipulated PSX and did market crashes but now with China in loop market manipulators would have evidence collected and prosecuted in court of law. Nzd to usd conversion SECP openly admitted earlier that they know brokers and big fish manipulate PSX but they don’t have any technology to collect evidence to prosecute the culprits. Binary conversion table All major brokers know well that China has likely installed systems to monitor their activities and is collecting evidence on their trading activities. Cnn futures stock market Its show of confidence in Chinese ability to manage PSX and ensure smooth operations. Binary domain steam Soon, PSX will have CPEC projects traded which will be big investment opportunity for Pakistani,Chinese and international investors. Usd zar exchange Even UK is willing to join CPEC.Time to invest in PSX.