PSX closes green, gains 997 points

KARACHI: The KSE 100-Index of the Pakistan Stock Exchange (PSX) on Thursday continued the bullish trend, gaining 997.95 more points, a positive change of 1.24 percent before closing at 81,459.29 points against 80,461.34 points on the last working day, ARY News reported.

A total of 459,037,985 shares were traded during the day as compared to 400,195,963 shares the previous day, whereas the price of shares stood at Rs 18.610 billion against Rs. 15.904 billion on the last trading day.

As many as 469 companies transacted their shares in the stock market, 145 of them recorded gains, and 239 sustained losses, whereas the share price of 85 companies remained unchanged.

A day earlier, PSX witnessed a robust performance on Wednesday, with the KSE-100 index opening on a positive note.

The index reached an intraday high of 1,096 points before closing at 80,461, marking an impressive gain of 970 points or 1.22 percent.

The bullish close at the PSX was driven by speculations ahead of the International Monetary Fund (IMF) executive board meeting on September 25, where approval of a $7 billion Extended Fund Facility (EFF) is anticipated, said Ahsan Mehanti Arif Habib Commodities.

Robust economic data, including surging remittances, rising exports, and a falling trade deficit, further fuelled investor confidence. Additionally, the Asian Development Bank’s (ADB) affirmation of a $2 billion annual concessional loan until 2027 and a strong rupee played a catalytic role in the market’s positive performance, he added.

Broad-based buying at the PSX was observed across blue-chip stocks, with heavyweights such as Mari Petroleum (MARI), Engro Fertilizers (EFERT), United Bank Limited (UBL), Meezan Bank Limited (MEBL), and Fauji Fertilizer Company (FFC) posting significant gains. These stocks collectively contributed to a notable 682-point rise in the index, according to Topline Securities.