PSX stays bullish, gains 253 points

KARACHI: The Pakistan Stock Exchange (PSX) maintained the bullish trend as the KSE-100 index gained 253 points, ARY News reported.

The 100-Index of the PSX continued with bullish trend on Wednesday, gaining 253.96 points, a positive change of 0.22 percent, closing at 113,342.44 points as compared to 113,088.48 points on the last trading day.

A total of 667.719 million shares were traded during the day as compared to 545 million shares the previous trading day, whereas the price of shares stood at Rs25.734 billion against Rs20.741 billion on the last trading day.

Analysts at Topline Securities attributed the upward trend to better-than-expected corporate results, which bolstered investor confidence and encouraged fresh buying across multiple sectors.

They said, “The market’s upward movement was largely supported by FFC, BAHL, MTL, SYS, and KOHC, which collectively contributed 433 points to the index. However, UBL, LUCK, HUBC, HBL, PPL, and OGDC weighed on the market, subtracting a combined 619 points”.

As many as 451 companies transacted their shares in the stock market, 236 of them recorded gains and 146 sustained losses, whereas the share price of 69 companies remained unchanged.

The three top trading companies were K-Electric Limited with 180.89 million shares at Rs4.88 per share, Bank of Punjab with 53.76 million shares at Rs12.94 per share and Fauji Cement with 38.11 million shares at Rs40.55 per share.

Sapphire Fibres Limited witnessed a maximum increase of Rs59.03 per share closing at Rs1,098.99 whereas runner-up was Unilever Pakistan Foods Limited with Rs41.96 rise in its share price to close at Rs23,387.51.

Lucky Cement Limited witnessed a maximum decrease of Rs57.48 per share price, closing at Rs1,402.17 whereas the runner-up was Blessed Textile Limited with Rs30.39 decline in its per share price to Rs313.73.