Share prices extend gains at Pakistan Stock Exchange
Share prices at Pakistan Stock Exchange (PSX) extended their gains on Tuesday as the index scored over 1,100-point surge amid reports that the government has prioritized the resolution of circular debt, reported 24NewsHD TV channel.
At 10.30 am, the benchmark KSE-100 Index gained 1,184.19 points or 1.03% percent to reach 115,514.29 points.
Analysts said the initial downturn was fuelled by concerns over the court’s decision to uphold the windfall tax. Market sentiment remained fragile as the Federal Board of Revenue (FBR), following the Sindh High Court’s directive, successfully recovered Rs23 billion in a single day from 16 banks, further amplifying investors unease.
They further said that upbeat data on cement exports surging by 25 percent year-on-year (YoY) for Jul-Jan FY25, government deliberation over privatization of SOEs, and speculations over IMF talks on $1 billion climate funding ahead of the IMF policy review talks next week, under the $7 billion Extended Fund Facility (EFF), played a catalyst role in the bullish trend at the PSX.
On Monday, the Pakistan Stock Exchange’s (PSX) benchmark KSE 100 index had surged by 1,529.17 points, or 1.36 per cent, to 114,330.10 points.
At-Tahur Ltd remained the volume leader with 43.118 million shares, closing lower by Rs3.10 at Rs28 per share. K-Electric Ltd, with 27.220 million shares, followed it, closing higher by 12 paisas at Rs4.79 per share.
Other significant turnover stocks included Fauji Cement, Ghani Global Glass, Pak Elektron, Altern Energy, Sui South Gas, Maple Leaf, Bank of Punjab and WorldCall Telecom. In the Future Market, 328 companies recorded trading, 171 of which increased, 151 decreased and 6 remained unchanged.
Reporter: Ashraf Khan