Share prices boom past 179,000 mark at Pakistan Stock Exchange

The Pakistan Stock Exchange (PSX) maintained its impressive bull-run on Friday, driven by growing investor confidence fuelled by easing inflation in the country, reported 24NewsHD TV channel. 

Pakistan Stock Exchanged (PSX) 100 Index closed at 179034, up 2679 points on Friday. During the intra day trading session, 100 index touched a high of 179467.Out of 565 active companies in the market, 281 advanced, 141 declined, while 143 remained unchanged.

 Bloomberg, a global financial news outlet, has highlighted that Pakistan's inflation rate increased at a slower pace than expected last month, supporting the State Bank of Pakistan's decision to slash its policy rate to a three-year low to encourage economic growth.

According to Bloomberg's report, food prices climbed by 3.24% in December, down from 5.53% in November. Similarly, the Consumer Price Index (CPI) increased by 5.6% year-on-year in December, compared to 6.1% in November.

Despite trade disruptions caused by tensions with Afghanistan and border restrictions, food supplies were sourced from alternative channels, and overall inflationary pressures remained relatively subdued.

Earlier on Thursday, the index closed bullish, gaining 2,301.17 points, a positive change of 1.32 percent, to settle at 176,355.49. The market witnessed a trading volume of 1,402.650 million shares with a traded value of Rs 48.424 billion, against 957.239 million shares valuing Rs 44.231 billion in the previous session. Market capitalization surged to Rs 19.968 trillion from Rs 19.690 trillion a day earlier.

Out of 485 active companies in the ready market, 337 advanced, 116 declined, while 32 remained unchanged.

K-Electric Limited topped the volume chart with 372.705 million shares, followed by Pak International Bulk with 139.941 million shares and Bank of Punjab with 55.418 million shares.

The top gainers included PIA Holding Company LimitedB, which rose by Rs1,954.06 to close at Rs21,494.64, and Pakistan Tobacco Company Limited, increasing by Rs57.08 to settle at Rs1,598.76.

Reporter: Kawish Memon