Bulls extended their domination at the Pakistan Stock Exchange (PSX) on Thursday, driving the index to an all-time high amid brisk buying stemming from the prime minister’s ongoing visit to Saudi Arabia and the expected release of second loan tranche by the IMF, reported 24NewsHD TV channel.
The swift buying shares helped the index smashed the 119,000 barrier, although it settled the day below the all-time high mark.
As the trading began, investors were quick to take positions lifting the share prices by over 1,400 points but at the end of the day the index settled at 118,769.77, up by 795.75 points or 0.67 percent as compared to previous day’s close of 117,974.02 points.
Of the total 422 companies traded, share prices of 205 companies were up, 176 were down while 61 unchanged.
Experts believed that the bullish trend was in expectation of the government reaching the International Monetary Fund (IMF) staff-level agreement (SLA) soon. They opined the index hit a new all-time high today, driven by improved clarity on the IMF programme, expectations of economic stability, recovering sectoral demand, and anticipated reductions in electricity prices.”
On Wednesday, the index had gained 972.94 points, a positive change of 0.83 percent, closing at 117,974.03 points. The rally was primarily driven by HUBC, MARI, ENGROH, SYS, and PPL, which together contributed 551 points to the index. On the other hand, FFC, EFERT, and POL exerted downward pressure, pulling the index down by 54 points.
A total of 544.2 million shares were traded on Wednesday, whereas the price of shares stood at Rs32.310 billion. As many as 449 companies transacted their shares in the stock market, 221 of them recorded gains and 157 sustained losses, whereas the share price of 71 companies remained unchanged.
PM commends historic bullish trend at PSX
Prime Minister Shehbaz Sharif has expressed satisfaction regarding the Pakistan Stock Exchange surpassing the one 119,000-point barrier for the first time in its history.
In a statement issued on Thursday, the Prime Minister said positive trend in business at Pakistan Stock Exchange reflects growing confidence of traders and investors in the government's economic policies.
Shehbaz Sharif said improving economic indicators and business environment become possible due to the government's economic policies over the past one year.
Shehbaz said the government is providing all out facilities on priority basis for a conducive environment for business and investment in the country.
Reporter Kavish Memon