PSX continues with bullish trend as KSE-100 gains 34.43 points

KARACHI: The Pakistan Stock Exchange (PSX) maintained the bullish trend as the KSE-100 index gained 34.43 points, ARY News reported on Thursday.

Analysts at Topline Securities said the KSE 100 Index increased by 4% on MoM basis, this gain can be attributed to staff level agreement with IMF, circular debt resolution plan where news flow suggest that significant progress has been made and noise that government is working on plan to reduce the electricity prices.

The 100-Index of the Pakistan Stock Exchange (PSX) continued with bullish trend on Wednesday, gaining 34.43 points, a positive change of 0.03 percent, closing at 117,806.75 points as compared to 117,772.31 points on the last trading day.

A total of 329.990 million shares were traded during the day as compared to 356.729 million shares the previous trading day, whereas the price of shares stood at Rs19.77 billion against Rs37.49 billion on the last trading day.

As many as 447 companies transacted their shares in the stock market, 169 of them recorded gains and 216 sustained losses, whereas the share price of 62 companies remained unchanged.

Philip Morris (Pakistan) Limited witnessed a maximum increase of Rs73.78 per share price, closing at Rs811.55, whereas the runner-up was Hoechst Pakistan Limited with Rs48.63 rise in its per share price to Rs3,242.5.

Sapphire Fibres Limited witnessed a maximum decrease of Rs20.39 per share price, closing at Rs1,101, whereas the runner-up was Premium Textile Mills Limited with Rs18.88 decline in its per share price to Rs420.51.

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.