During intraday trading, PSX crosses 58,000 for the first time

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For the first time ever, the Pakistan Stock Exchange (PSX) was able to cross the mark of 58,000 during intraday trading on Wednesday, bringing the PSX to a new milestone. 

There was a jump of over 58,405.92 points in the benchmark KSE-100 index in intraday trading, which was its highest level since May 3. After rallying 827.18 points or 1.44% from yesterday’s close of 57,371.59 points, the Nifty ended at 58,198.76 points, up from the previous close of 57,371.59 points.

During a recent interview with Geo.tv, the Head of Research of Arif Habib Limited (AHL) stated that the market continues to move in a positive direction amid the expectations of monetary easing, strong profitability, as well as the certainty of the upcoming general election, which is scheduled for February 8, 2015.

It is worth noting that the KSE-100 index is currently trading at a PE of 4.3 times as opposed to the five-year average multiple of 6 times, which indicates that even though the market is trading at an all-time high, the valuation of the market is still attractive.

During the meantime, Samiullah Tariq the Head of Research for Pakistan-Kuwait told Geo.tv that the Pakistan-Kuwait stock market has been responding to the hopes of the IMF board approving the tranche under SBA, and the low valuations that are being seen in comparison with the rest of the world.

As a whole, 596.2 million shares exchanged hands on Wednesday compared with 1.01 billion shares that changed hands on Tuesday. A total value of Rs22.05 billion was traded in shares during the course of the day.

In total, there were 389 shares traded for 389 companies. The total number of stocks that closed higher on this day was 236 while the total number of stocks that fell was 136.

During the day, WorldCall Telecom had the highest volume of shares traded with 50.3 million shares, which lost Rs0.03 to close at Rs1.64. Following it, Fauji Fert Bin gained Rs0.31 to close at Rs22.94 and Fauji Foods Ltd gained Rs0.22 to close at Rs8.99, and after that came the Shajari Distributors with 23.2 million shares, which gained Rs0.03 to close at Rs22.94.

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