PSX maintains bullish trend, KSE-100 adds 201 points

KARACHI: The benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX) maintained a bullish trend on Monday.

The Index gained 201.55 points, or 0.22 percent, to close at 90,195.52 points, from the previous closing of 89,993.97 points on Friday, October 25.

A total of 567.26 million shares were traded during the day, as against the previous trading day’s turnover of 695.54 million.

The price of shared stocks stood at Rs29.21 billion, as compared with Rs37.87 billion on the last trading day at the PSX.

As many as 456 companies transacted their shares in the stock market, out of which 179 recorded gains, and 222 sustained losses, while the share price of 55 companies remained unchanged.

An analyst at Topline Securities said that the trading session at the Pakistan Stock Exchange showed significant volatility, as the KSE-100 Index reached a high of 91,055 and a low of 89,733 during the intraday trading.

The dip in the market came as investors opted to take advantage of profit opportunities, as per the analyst.

Market experts were of the view that the upward momentum at the PSX was driven by expectations of a rate cut in the upcoming monetary policy along with the announcement of a $1.4 billion loan sought from China.

During the day’s session, the three top trading companies included Fauji Foods Limited with 53.64 million shares, followed by K-Electric Limited with 29.87 million shares while Sui South Gas witnessed the exchange of 27.4 million shares at the PSX.

The top gainers at the KSE-100 Index included Unilever Pakistan Foods Limited, witnessing a maximum increase of Rs333 per share price, closing at Rs19,018, followed by Siemens (Pakistan) Engineering with Rs111.47 rise to close at Rs1,226.19.

On the other hand, Hoechst Pakistan Limited witnessed a decline of Rs147.72 per share closing at Rs2,202.28 followed by Nestle Pakistan Limited with a loss of Rs85.46 to close at Rs838.57.