Pakistan Stock Exchange climbs new heights as index tops 159,000 points
The bulls again dominated Pakistan Stock Exchange (PSX) on Wednesday tossing the index to historic high of 159,000 points portraying investors' confidence following reports Pakistan had achieved all the targets assigned by the IMF for the release of the second tranche of $7 billion loan, reported 24NewsHD TV channel.
At the start of the business, the PSX’s benchmark KSE-100 Index gained 1,085.88 points or 0.68 percent to reach 159,030.90 points.
As many as 432 companies transacted their shares in the stock market so far; 256 recorded gains and 156 sustained losses, whereas the share prices of 20 remained unchanged.
The schedule of the second economic review under the IMF’s Extended Fund Facility (EFF) has been finalized, and negotiations for a new $1 billion tranche will take place at the end of this month.
On Tuesday, the Pakistan Stock Exchange had gained 390.36 points, showing an increase of 0.25 percent, closing at 157,945.03 points.
A total of 1,521,517,383 shares valuing Rs.58.725 billion were traded during the day as compared to 1,665,972,171 shares valuing Rs.60.902 billion on the last trading day.
The three top trading companies were K-Electric Limited with 446,654,000 shares at Rs.6.31 per share, followed by Pace (Pak) Limited with 89,162,328 million shares at Rs.10.36 per share, and Cnergyico PK with 61,668,652 shares at Rs.8.50 per share.
The top gainers were PIA Holding Company LimitedB, which increased by Rs.2,480.12 to close at Rs.27,281.27, and Unilever Pakistan Foods Limited, which rose by Rs.390.00 to close at Rs.33,131.00.
The major losers were Siemens (Pakistan) Engineering, which declined by Rs.74.97 to close at Rs.1,634.22, and Nestle Pakistan Limited, which fell by Rs.36.26 to close at Rs.8,376.16.
In the futures market, 473,929,000 shares were traded as compared to 463,633,000 shares on the previous trading day, while the total value stood at Rs.33.764 billion against Rs. 33.247 billion previously.
As many as 328 future market companies traded shares out of which 143 witnessed gains, 184 losses whereas one company remained stagnant.
Reporter: Kawish Memon