Pakistan Stock Exchange (PSX) – one of the best performing Asian markets – has made a new record by hitting all-time high volumes as investors traded 1.56 billion shares of listed companies in a day for the first time in history.
Volumes soared by over 130% compared to 677 million shares traded a day earlier, showing the rising investor confidence in the growing economy. Almost half of the volumes – 707.73 million shares – were in a single company; WorldCall Telecom Limited (WTL).
Investors took big positions in the telecom company after it announced that a new investor had expressed interest in acquiring its 51% majority shares with management control. “Volumes are the strength of the stock market,” seasoned stockbroker Arif Habib said. “The growth in turnover suggests investor confidence is on the rise in the stock market and the economy.”