Share prices storm to historic high at Pakistan Stock Exchange

The share prices at Pakistan Stock Exchange (PSX) skyrocketed on Thursday smashing every barrier in their way with index snowballing by over 3,300 points, reported 24NewsHD TV channel.

The benchmark KSE-100 index surged by 2,462.55 points or 2.27 percent to the historic mark of 113,272.77 points as compared to 110,810.22 points on Wednesday morning and at the end of the day the index surged by 3,370.29 or 2.95 percent to 114,180.

Shares of 463 companies were traded, of which 298 were positive while 132 went down with 33 unchanged.

Analysts attributed the bullish trend to positive economic indicators, a significant reduction in interest rates under the new monetary policy, improved foreign inflows, and ongoing economic reforms.

These factors have bolstered investors confidence and created a favourable environment for the stock market.

On Wednesday, the 100-index had turned around to bullish trend, gaining 1,913.57 points, a positive change of 1.76 percent, closing at 110,810.22 points.

A total of 1,080,023,483 shares were traded during the day as compared to 1,548,302,320 shares the previous trading day (Tuesday), whereas the price of shares stood at Rs47.139 billion against Rs68.805 billion on the last trading day. 

As many as 472 companies transacted their shares in the stock market. 288 of them recorded gains and 130 sustained losses, whereas the shares prices of 54 companies remained unchanged.

The three top trading companies were K-Electric Limited 135,915,842 shares at Rs6.40 per share, WorldCall Telecom with 73,534,167 shares at Rs1.65 per share and Fauji Foods Limited with 57,124,498 shares at Rs14.90 per share. Unilever Pakistan Foods Limited witnessed a maximum increase of Rs504.95 per share price, closing at Rs20,835.50, whereas the runner-up was Khyber Textile Mills Limited with Rs53.11 rise in its per share price to Rs684.99.

Reporter Ayaz Rana