Share prices fly at all-time high as PSX’s bullish streak rolls on

The Pakistan Stock Exchange (PSX) on Wednesday extended its bullish streak as share prices soared to another all-time high mark as the investors buoyed by improved economic forecasts and optimism over reforms in the energy sector, reported 24NewsHD TV channel.

At the closure of business, the PSX’s benchmark KSE-100 index gained 820.26 points or 0.54 percent to reach historic high of 150,591.00 points, after surging to an intra-day high of 151,000 points.

Experts said that the rally has maintained the upward trend due to Fitch Ratings’ positive outlook on Pakistan’s banking sector and an upgrade by Moody’s Ratings.

Of the total 486 companies traded today, share prices of 240 companies went up and shares of 215 companies declined, while 31 remained unchanged.

Earlier on Tuesday, the benchmark KSE-100 Index had continued with bullish trend gaining 1,574.32 points, a positive change of 1.06 percent, closing at 149,770.75 points.

A total of 809,082,439 shares were traded during the day as compared to  610,314,508 shares the previous trading day, whereas the price of shares stood at Rs 48.430 billion against Rs 39.173 billion on the last trading day.

As many as 483 companies transacted their shares in the stock market, 265 of them recorded gains and 194 sustained losses, whereas the share price of 24 companies remained unchanged.

The three top trading companies were WorldCall Telecom with 52,322,337 shares at Rs 1.45 per share, Bank of Punjab with 46,060,189 shares at Rs14.76 per share and Fauji Cement with 43,732,087 shares at Rs 53.48 per share.

Bhanero Textile Mills Limited witnessed a maximum increase of Rs 92.78 per share price, closing at Rs 1,020.56, whereas the runner-up was The Thal Industries Corporation Limited with Rs53.85 rise in its per share price to Rs 623.85.

PIA Holding Company LimitedB witnessed a maximum decrease of Rs303.10 per share, closing at Rs 27,698.00 followed by Unilever Pakistan Foods Limited with Rs121.75 decline in its share price to close at Rs31,778.25.

Reporter: Kawish Memon