PSX index tops 157,000 mark as profit-taking sets in
The Pakistan Stock Exchange (PSX) achieved another milestone by surpassing 157,000 points mark on Tuesday amid reports of $500 million mineral investment deal with the USA and an increase in remittances boosted investors' confidence, reported 24NewsHD TV channel.
But later the KSE-100 Index dropped to 156,621.13 points after profit-taking was set in at around 11:00 am as the investors preferred to book whatever profits that were available.
By the end of the day, the PSX’s benchmark KSE-100 index gained 476.22 points or 0.30 percent to reach 156,563.52 points.
As many as 478 companies transacted their shares in the stock market today, with 154 of them gaining and 291 sustaining losses, whereas the share prices of 33 companies remained unchanged.
A day earlier, Pakistan signed a Memorandum of Understanding (MoU) with US Strategic Metals (USSM), an American company specialising in critical minerals, for an initial investment of $500 million in the country’s mineral sector.
The agreement was signed with the Frontier Works Organisation (FWO) at a ceremony held at the Prime Minister House.
Prime Minister Shehbaz Sharif and other senior officials were present while Chief of Army Staff (COAS) Field Marshal Asim Munir also attended the signing, highlighting the importance Islamabad attaches to the partnership.
The US Embassy said the agreement would help accelerate Pakistan’s mineral exploration and development drive.
Earlier on Monday, the index had witnessed bullish trend, gaining 1,810.11 points, a positive change of 1.17 percent, closing at 156,087.31 points.
A total of 1,126,267,973 shares were traded during the day as compared to 1,078,410,471 shares the previous trading day, whereas the price of shares stood at Rs62.295 billion against Rs59.949 billion on the last trading day.
As many as 482 companies transacted their shares in the stock market, 229 of them recorded gains and 228 sustained losses, whereas the share price of 25 companies remained unchanged.
The three top trading companies were K-Electric Limited with 93,746,467 shares at Rs5.62 per share, Bank of Punjab with 71,442,268 shares at Rs19.65 per share and Fauji Dewan Cement with 63,920,090 shares at Rs14.78 per share.
Sitara Chemical Industries Limited witnessed a maximum increase of Rs 87.75 per share price, closing at Rs965.22, whereas the runner-up was Services Industries Limited with Rs55.36 rise in its per share price to Rs1,410.00.
PIA Holding Company LimitedB witnessed a maximum decrease of Rs 506.00 per share closing at Rs25,506.00 followed by Unilever Pakistan Foods Limited with Rs90.67 decline in its share price to close at Rs 32,500.00.
Reporter Kavish Memon