Pakistan Stock Exchange (PSX) witnessed a bullish trading session as volume registered an all-time high record of 1,563 million shares on Wednesday courtesy of World Call Telecom, which realized a trading volume of 707 million shares alone.
The fresh record stands far higher than the previous record of 1,125 million trading volume at the local equity.
Overall, the KSE-100 index gained 511 points or 1.1% to stand at 46,857 points. The market capitalization crossed a mark of Rs. 8 trillion.
Analysts said the encouraging developments on macroeconomic consolidation and economic recovery have built strong sentiments among investors and equity traders.
Hence, the stock market also reflected the positive trend with the high participation of the investors in the trading.
The Pakistan stock market has set another record today when the traded volume was highest ever. The stocks that churned out the highest volumes were WorldCall Telecom, also known as a penny or junk stock was the star performer with a volume of 707 million. It was followed by HUM News Limited with 112 million shares and Unity Foods, with 45 million shares.
Alpha Beta Core CEO, Khurram Shehzad told Propakistani that
Volume is historic, which shows healthy investor activity in the market and renewed interest. Having said that, Value traded has not been that high as such given the fact that more than 44% of the volume was concentrated into one sector i.e. Telecom, while around 40% by one penny stock WTL.
Last week, WorldCall Telecom Limited (WTL) had received a Public Announcement of Intention (PAI) from ARY Communications Limited and ARY Digital FZ LLC to acquire more than 51 percent of the Issued and Paid-up Share Capital of WorldCall Telecom Limited together with management control, as stated in a notification submitted to the Pakistan Stock Exchange (PSX).
However, WTL’s announcements of being taken over are nothing new as it had made similar announcements on at least three different occasions on 1 November 2019, 7 August 2020, and 23 February 2021. Every one of these announcements had also brought a stock price shoot for WTL on the stock market.
Each time, the PAI is submitted by AKD Securities as it has been appointed as the Manager to the Offer by the acquirers in accordance with the provisions of the Act and the Regulations.
| SCRIP | PRICE | HIGH | LOW | CHANGE | VOLUME |
|---|---|---|---|---|---|
| WTL | 3.22 | 3.28 | 2.32 | .94 | 707,728,500 |
| HUMNL | 7.81 | 7.81 | 7 | 1 | 112,493,500 |
| UNITY | 45.22 | 46.18 | 43.8 | 1.54 | 45,126,446 |
| BYCO | 10.27 | 10.41 | 10.15 | .14 | 36,865,500 |
| PIAA | 5.35 | 5.38 | 5.1 | .97 | 36,528,500 |
| DSL | 5.75 | 6.14 | 5.31 | .46 | 31,050,000 |
| MDTL | 4.11 | 4.2 | 3.59 | .6 | 29,633,500 |
Technology and communication, banking, E&P, power generation, and distribution were the main sectors that that helped the index gain momentum.
Among 390 stocks, 251 remained to advance, 124 declined, and 15 scrips remained unchanged. The total value of the trading was measured at Rs. 28 billion.
Commenting on the development, Planning and Development Minister Asad Umar tweeted, “New daily traded volume record set on the Pakistan stock exchange (PSX). Today’s volume exceeded previous record by 39%. The market is reacting to signs of sustained recovery even though risk still remains. Also adding to positive sentiment.”
New daily traded volume record set on the pakistan stock exchange. Today’s volume exceeded previous record by 39 %. Market reacting to signs of sustained recovery. The successful containment of the covid 3rd wave..Though risk still remains.. Also adding to positive sentiment
— Asad Umar (@Asad_Umar) May 26, 2021
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