PSX ends on positive note following volatile session

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

During midday trading, KSE-100 touched an all-time high, crossing the 99,000 mark but profit-taking reversed the rally and the index closed at 97,798.23.

The benchmark index gained 469.83 points, or 0.48 percent to settle at 97,798.23 points at the closing of the stock market as against the previous day’s closing of 97,328.40 points.

A total of 1.24 billion shares were traded during the day at the PSX, compared with 969.9 million shares during the previous trading session.

The price of shares stood at Rs45.47 billion as against Rs35.16 billion on the previous trading day at the stock market.

WorldCall Telecom remained the top trading company with 177.14 million shares exchanged at Rs1.39 per share, followed by K-Electric Limited with 124.13 million shares at Rs5.31 per share. Hascol Petrol remained the third with 105.01 million shares at Rs4.64 per share.

Analysts at Topline Securities said that a rally was observed at the Pakistan Stock Exchange led by the banking sector after reports emerged that the Pakistan Bankers Association has tabled removal of MDR on savings deposits for conventional banks.

“Some profit taking was observed later during the day as investors factored in the fact that aforementioned rumour has not been confirmed by the authorities. KSE 100 Index settled at 97,798 (up by 0.48%),” they added.

As many as 449 companies were active at the Pakistan Stock Exchange, out of which, 112 witnessed an increase, 296 declined, while the share price of 41 stocks remained unchanged.

Nestle Pakistan Limited was the top gainer, having increased by Rs83.69 to close at Rs6700, followed by PIA Holding Company LimitedB which witnessed a gain of Rs78.04 to reach Rs998.24 at the closing of the stock market.

It is pertinent to mention here that the American monthly Bloomberg magazine forecasted a vigorous 27% growth for the Pakistan Stock Exchange by the end of next year, thanks to stabilizing economic indicators and a steady currency as key drivers.

It highlighted that the Pakistan Stock Exchange-100 Index ranked as the second-best performer globally this year, underscoring its recent resilience.