Share prices consolidate at Pakistan Stock Exchange

The Pakistan Stock Exchange (PSX) extended its recovery on Tuesday and gained 1,600 points as investors’ confidence strengthened amid expectations of strong corporate earnings and declining inflation, reported 24NewsHD TV channel.

At the end of the trading, KSE-100 gained 1,632.42 points or 1.44 percent to reach 113,010.38 points.

Market participants responded positively to attractive stock valuations following recent corrections, while a rebound in energy stocks indicated that value buyers were returning to the market. 

Anticipation of another interest rate cut by the State Bank of Pakistan (SBP) also contributed to the bullish sentiment.

Earlier on Monday, the Pakistan Stock Exchange (PSX) had gained 1,055 points. The 100-Index witnessed bullish trend gaining 1,055.03 points, a positive change of 0.96 percent, closing at 111,377.97 points.

Analysts attributed this positive trend to the strong earnings and Zarea IPO Boost, saying that this surge was primarily fueled by better-than-expected corporate earnings, which bolstered investor sentiment and renewed buying interest across key sectors.

They said, “Adding to the optimism, the Zarea IPO book-building process received a positive response, further lifting market sentiment and attracting fresh capital inflows”.

A total of 415 million shares were traded during the day as compared to 299 million shares the previous trading day, whereas the price of shares stood at Rs23.947 billion against Rs15.624 billion on the last trading day.

As many as 429 companies transacted their shares in the stock market, 198 of them recorded gains and 172 sustained losses, whereas the share price of 59 companies remained unchanged.

The three top trading companies were Bank of Punjab with 55 million shares at Rs10.28 per share, WorldCall Telecom with 34 million shares at Rs1.53 per share and Cnergyico PK with 31 million shares at Rs7.53 per share.

Reporter: Ayaz Rana