Share prices surge by over 950 points at PSX
The Pakistan Stock Exchange (PSX) continued to soar Wednesday with the benchmark KSE-100 index gaining more than 950 points amid reports of progress towards circular debt resolution, reported 24NewsHD TV channel.
At the end of trading, the index gained 972.93 points or 0.82 percent to close at 117,974.02 points.
Economic analysts said the positive sentiment was largely driven by encouraging economic developments.
According to reports, the IMF has permitted Pakistan to borrow Rs1.25 trillion ($4.5 billion) from domestic banks to help manage the Rs2.4 trillion circular debt in the power sector without increasing public debt.
Investor confidence was further lifted as the IMF shared a draft of the Memorandum of Economic and Financial Policies (MEFP) with Pakistani authorities, marking progress towards a staff-level agreement under the $7 billion Extended Fund Facility (EFF). This reinforced hopes for sustained financial support and economic stability.
Buying activity was noted in several key sectors including automobile assemblers, cement, commercial banks, oil and gas exploration companies, oil marketing companies, power generation, and refineries.
Major stocks such as PRL, NRL, HUBCO, MARI, OGDC, PPL, POL, HBL, MEBL, and NBP traded positively.
Earlier on Tuesday, the PSX had witnessed a bullish rally with the KSE-100 index closomg at 117,001, up 801 points (0.69%).
Key contributors to the index’s gains were FFC, ENGROH, HUBC, TRG, and LUCK, which collectively added 541 points.
Market activity remained strong, with 446 million shares changing hands and a total turnover of Rs29.1 billion. PIBTL led the volume charts, recording 59 million shares traded.
Reporter: Ashraf Khan