PSX stays bullish as KSE-100 gains 1,139 points

KARACHI: The Pakistan Stock Exchange (PSX) maintained the bullish trend as the KSE-100 index gained 1,139 points, ARY News reported on Wednesday.

Analysts at Topline Securities said the surge was fuelled by investor optimism following a staff-level agreement with the IMF, which boosted market confidence.

The 100-Index of the Pakistan Stock Exchange (PSX) continued with bullish trend on Wednesday, gaining 1,139.14 points, a positive change of 0.98 percent, closing at 117,772.31 points as compared to 116,633.17 points on the last trading day.

A total of 356.729 million shares were traded during the day as compared to 268.098 million shares the previous trading day, whereas the price of shares stood at Rs37.498 billion against Rs19.455 billion on the last trading day.

As many as 438 companies transacted their shares in the stock market, 206 of them recorded gains and 167 sustained losses, whereas the share price of 65 companies remained unchanged.

The three top trading companies were Pak Elektron with 29.179 million shares at Rs47.48 per share, PSO with 26.879 million shares at Rs419.93 per share and Cnergyico PK with 17.470 million shares at Rs8 per share.

Philip Morris (Pakistan) Limited witnessed a maximum increase of Rs67.07 per share closing at Rs737.77 whereas runner-up was Indus Pakistan Tobacco Company Limited with Rs56.22 rise in its share price to close at Rs1,258.27.

Unilever Pakistan Foods Limited witnessed a maximum decrease of Rs549.00 per share price, closing at Rs23,000, whereas the runner-up was Services Industries Limited Limited with Rs38.17 decline in its per share price to Rs1,254.81.

Noteably, Pakistan and the International Monetary Fund (IMF) have reached a staff-level agreement on the first review under Pakistan’s 37-month $7bn Extended Fund Facility (EFF) and on a new 28-month $1.3bn arrangement under the Resilience and Sustainability Facility (RSF), the federal government and the IMF confirmed.

“The IMF team has reached a staff-level agreement (SLA) with the Pakistani authorities on the first review of the 37-month Extended Arrangement under the Extended Fund Facility (EFF), and on a new 28-month arrangement under the IMF’s RSF with total access over the 28 months of around $1.3 billion (SDR 1 billion).

The staff-level agreement is subject to approval of the IMF’s Executive Board. Upon approval, Pakistan will have access to about US$1.0 billion (SDR 760 million) under the EFF, bringing total disbursements under the program to about US$2.0 billion,” the IMF said in a statement.