PSX closes up as KSE-100 adds 232 points

KARACHI:  The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed on a positive note on Monday, ARY News reported.

KSE-100 gained 232.03 points, or 0.24 percent to settle at 94,995.67 points at the closing of the stock market as against the previous day’s closing of 94,763.64 points.

A total of 765.2 million shares were traded during the day at the PSX, compared with 893.17 million shares during the previous trading session.

The price of shares stood at Rs23.92 billion as against Rs30.81 billion on the last trading day at the stock market.

An analyst at Topline Securities attributed the positive sentiments at the Pakistan Stock Exchange to the government’s encouraging statement about its negotiations with the International Monetary Fund.

“The KSE-100 maintained a positive trajectory, reaching an intraday high of 95,308 and a low of 94,620. Investor confidence was lifted by the encouraging IMF statement,” as per the analyst.

“Key contributors to the KSE-100 upward movement included FFC, HBL, PSEL, SNGP, and LUCK, collectively adding 328 points. On the other hand, UBL, EFERT, and HUBC faced profit-taking, collectively dragging the index down by 164 points,” the analyst stated.

As many as 457 scrips were active during the day at the stock market, out of which 192 recorded gains, 220 sustained losses while the share price of 45 companies remained unchanged.

Hascol Petrol remained the top trading company with 85.13 million shares exchanged at Rs9.24 per share, followed by Fauji Foods Limited with 60.49 million shares at Rs11.55 per share. K-Electric Limited remained the third with 58.38 million shares at Rs5.17 per share.

The top gainers included Reliance Cotton Spinning Mills Limited, recording an increase of Rs61.75 per share price to close at Rs 711.75, followed by Pakistan Services Limited with Rs59.76 rise in its per share price to Rs808.51.

Bhanero Texile Mills Limited witnessed a decline of Rs85.8 per share closing at Rs774.37, followed by Philip Morris (Pakistan) Limited with a Rs47.83 decline to close at Rs767.