Share prices hold ground at Pakistan Stock Exchange

Pakistan Stock Exchange (PSX) on Friday maintained positive momentum amid hope of favourable outcome after conclusion of talks with IMF for release of $1 billion loan tranche, reported 24NewsHD TV channel.

During the trading, the investors exuded confidence and participated in trading, the benchmark KSE-100 Index rose to 115,536 points after gaining 441.93 points or 0.38 percent on the last working day of the business week.

Overall shares of 435 companies were traded involving Rs21.36 billion during the trading.

Earlier on Thursday, the PSX witnessed a strong bullish rally with the benchmark KSE-100 index soaring 1,162 points at its intraday high before settling at 115,094, posting a 1,009-point gain (0.89%) by the close.

The highest increase was recorded in Hoechst Pakistan Limited, which rose by Rs85.3 to Rs3,199.88 per share, followed by PIA Holding Company Limited B, which increased by Rs64.22 to Rs928.47 per share. A significant decline was noted in Unilever Pakistan Foods Limited, which fell by Rs122.4 to Rs23,217.2 per share; Service Industries Limited followed it, which closed lower by Rs36.15 to Rs1,383.77 per share.

Experts believe the upgrade of Pakistani banks by Moody’s Ratings is a key factor. 

“We have changed our outlook on Pakistan’s banking system to positive from stable to reflect the banks’ resilient financial performance as well as improving macroeconomic conditions from very weak levels a year ago,” Moody’s said in its assessment.

An IMF team led by Mission Chief Nathan Porter on Friday concluded the first review of the $7 billion Extended Fund Facility secured last year.

The successful completion of this review could lead to the release of the next $1 billion loan tranche, supporting economic stability.

Reporter: Basim Iftikhar