Bulls hold ground at Pakistan Stock Exchange amid IMF deal

Bulls extended their gains at the Pakistan Stock Exchange (PSX) on Wednesday and the main catalyst was the news about Pakistan sealing an accord with the International Monetary Fund (IMF) on its loan programme, reported 24NewsHD TV channel.

During the intraday trading, the PSX’s benchmark KSE-100 index surged to 167,325.26, marking an increase of 1,849.24 points or 1.11 percent.

As many as 469 companies transacted shares, of which 328 recorded gains, 118 sustained losses, and 23 remained unchanged. 

The loan agreement with the IMF is seen as a crucial step in stabilizing Pakistan's economy, supporting the country's ongoing fiscal reforms and foreign reserves.

Earlier on Tuesday, the Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index turned around to a bullish trend, gaining 7,032.60 points, a positive change of 4.44 percent, closing at 165,476.02 points.

A total of 1,179,987,121 shares were traded during the day, as compared to 1,365,703,374 shares on the previous trading day, whereas the price of shares stood at Rs 59.201 billion against Rs 62.465 billion on the last trading day.

As many as 483 companies transacted their shares in the stock market, 391 of them recorded gains and 69 sustained losses, whereas the share price of 23 companies remained unchanged.

The three top trading companies were Bank of Punjab with 100,722,438 shares at Rs 34.63 per share, PTCL with 79,832,584 shares at Rs37.05 per share and Pace (Pak) Limited with 74,773,664 shares at Rs 18.60 per share.

Ismail Industries Limited witnessed a maximum increase of Rs 133.17 per share price, closing at Rs 2,133.17, whereas the runner-up was Hoechst Pakistan Limited with Rs101.41 rise in its per share price to Rs4,010.24.

Supernet Technologies Limited witnessed a maximum decrease of Rs94.52 per share closing at Rs 1,934.40 followed by Hafiz Limited with Rs28.97 decline in its share price to close at Rs311.87.

Reporter: Kawish Memon