PSX closes up as KSE-100 gains 579 points
- By Web Desk -
- Oct 15, 2024
KARACHI: The benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX) turned bullish on Tuesday amid growing positive sentiments in the market.
The benchmark Index closed at 85,840.34 levels, up 579 points or 0.68 percent from the previous closing of 85,261.39 points.
During the trading session, as many as 422 million shares were exchanged, with a total value of Rs24 billion, as compared with the previous day’s turnover of 477 million shares, amounting to a total value of Rs23 billion at the PSX.
An analyst at Topline Securities said that the KSE-100 Index’s rise was driven by the increased positive sentiments as the international conference created expectations of enhanced trade relations, new investment opportunities, and strengthened economic ties with member countries of the SCO summit.
“Despite a pullback in the fertilizer and exploration and production (E&P) sectors earlier in the session, investor enthusiasm remained high throughout the day. Stocks in these sectors, including MARI Petroleum, Engro Fertilizers (EFERT), Oil & Gas Development Company (OGDC), Attock Refinery Limited (ATRL), and Fauji Fertilizer Company (FFC), were key contributors to the market’s gains, collectively adding 425 points to the index,” as per the analyst.
Pakistan Telecommunication Company Limited (PTCL) was the most actively traded stock at the Pakistan Stock Exchange, with 37 million shares exchanged, followed by Hub Power Company which witnessed the exchange of 33 million shares during the trading session.
Kohinoor Spining remained the third with a turnover of 22 million shares.
The companies that recorded gains included Unilever Pakistan Foods Limited which was up by Rs126.95 per share price, to close at Rs17,477.45, followed by Reliance Pakistan Engineering Company Limited with a Rs75.64 rise in its per share price to Rs876.3.
Hallmark Company Limited witnessed a decline of Rs98.34 per share closing at Rs885.06 followed by Sapphire Fibres Limited with Rs93.20 decline to close at Rs1,255.65.