PSX maintains bullish trend as KSE-100 gains 861 point

KARACHI:  As the bullish trend continued in Pakistan Stock Exchange (PSX), the benchmark KSE-100 index closed on a positive note on Tuesday, ARY News reported.

KSE-100 index gained 861 points, or 0.91 percent to settle at 95,856.67 points at the closing of the stock market as against the previous day’s closing of 94,995.67 points.

A total of 830.93 million shares were traded during the day at the PSX, compared with 765.2 million shares during the previous trading session.

Read More: PSX closes up as KSE-100 adds 232 points

The price of shares stood at Rs30.01 billion as against Rs23.92 billion on the previous trading day at the stock market.

Hascol Petrol remained the top trading company with 60.05 million shares exchanged at Rs10.24 per share, followed by K-Electric Limited with 44.48 million shares at Rs5.24 per share. Cnergyico PK remained the third with 42.30 million shares at Rs4.64 per share.

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 and the finance minister’s dismissal of a mini-budget.

“The KSE-100 maintained a positive trajectory, reaching an intraday high of 96,036 and a low of 95,213. Investor confidence was lifted by the encouraging IMF statement,” as per the analyst.

As many as 460 compnaies were active at the Pakistan Stock Exchange, out of which, 249 witnessed an increase, 156 declined, while the share price of 55 stocks remained unchanged.

Rafhan Maize Products Company Limited was the top gainer, having increased by Rs120.10 to close at Rs8,004.60, followed by Abbott Laboratories (Pakistan) Limited which witnessed a gain of Rs70.20 to reach Rs1,070.86 at the closing of the stock market.

It is pertinent to mention here that American monthly Bloomberg magazine forecasted a vigorous 27% growth for 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.