CDF appointment, SFD rollover lift share prices at Pakistan Stock Exchange
Pakistan Stock Exchange (PSX) witnessed a renewed buying interest by investors on Friday following a flurry of good news on political and economic fronts, reported 24NewsHD TV channel.
At 10:05 am, the PSX’s benchmark KSE-100 index was hovering at 167,471.26, an increase of 1187.71 points or 0.69%.
Out of 560 active companies, 310 advanced, 79 declined, and 171 remained unchanged.
During the trading, buying interest was observed in key sectors, including automobile assemblers, cement, fertilizer, commercial banks, oil and gas exploration companies, OMCs, and power generation. Index-heavy stocks, including ARL, HUBCO, MARI, OGDC, POL, PPL, SSGC, NBP, and UBL, traded in the green.
The positive sentiment came as the Saudi Fund for Development (SFD), on behalf of the Kingdom of Saudi Arabia, extended the term for the deposit of $3 billion maturing on December 8, 2025, for another year.
“The extension of the term of the deposit… will help in strengthening the foreign exchange reserves of Pakistan and contribute to the country’s economic growth and development,” the SBP said in a statement.
The confidence also got a shot in the arm after the appointment of General Asim Munir as Chief of Defence Forces (CDF).
On Thursday, the index closed on a positive note, increasing by 138.20 points, a positive change of 0.08 percent, to settle at 166,283.55 points.
During the session, the market recorded a trading volume of 607.790 million shares with a traded value of Rs31.224 billion, compared to 593.078 million shares valuing Rs44.424 billion in the previous session. Market capitalization rose to Rs18.948 trillion from Rs18.915 trillion.
Lalpir Power led the volume chart with 108.918 million shares, followed by PIA Holding Company with 37.829 million shares, and PTCL with 34.470 million shares.
The top gainers included Service Industries Limited, rising by Rs157.80 to close at Rs1,735.80, and PIA Holding Company Limited-B, which gained Rs145.67 to settle at Rs24,379.00.
Major losers were Unilever Pakistan Foods Limited, which fell by Rs382.33 to close at Rs28,542.67, and Pakistan Services Limited, declining by Rs95.55 to close at Rs1,331.50.
Reporter: Kawish Memon