Prime Minister Shehbaz Sharif on Friday expressed satisfaction as Pakistan Stock Exchange’s benchmark KSE-100 index surged past record 162,000 mark, lauding his economic team’s efforts to put the country’s economy on an upward trajectory, reported 24NewsHD TV channel.
In a statement, PM Shehbaz Sharif said that the historic milestone achieved by the PSX reflected the confidence of the business community and investors in the government’s policies. “The country is moving towards economic growth after attaining the economic stability”, the prime minister said.
Pakistan Stock Exchange (PSX) on Friday made history by surpassing 162,000 points mark for the very first time as investors showed confidence about the successful conclusion of the International Monetary Fund (IMF) review for the release of the second installment of Extended Fund Facility (EFC) of $7 billion and the government's move to address circular debt.
At the end of the market, PSX 100 Index jumped 2976 points to close at 162257. The highest level reached during the trading session was 162422 . The high-profile meeting between Prime Minister Shehbaz Sharif and Field Marshal Syed Asim Munir with US President Donald Trump at White House also boosted the confidence of the investors.
As the business resumed after Friday prayers break, the PSX’s benchmark KSE-100 Index scored a massive gain of 2,804 points or 1.67 percent to all-time high of 162,084 points.
As many as 479 companies transacted their shares in the stock market so far; 250 recorded gains and 214 sustained losses, whereas the share prices of 15 companies remained unchanged.
Analysts attributed the rally to the government’s landmark agreement aimed at addressing the ballooning Rs1.225 trillion circular debt in the power sector, a breakthrough that significantly lifted market sentiment.
According to the Ministry of Finance, the deal was finalised under the Prime Minister’s Task Force, with critical input from the State Bank of Pakistan, 18 commercial banks, and the Pakistan Banks Association (PBA).
The agreement includes restructuring Rs660 billion of existing debt and providing an additional Rs565 billion in new financing to power generation companies to clear outstanding dues.
Earlier on Thursday, the PSX had continued with bullishness, gaining 1,043.42 points, an increase of 0.66 percent, closing at 159,280.09 points.
A total of 1,673,571,032 shares valuing Rs.55.278 billion were traded during the day as compared to 1,780,973,159 shares valuing Rs. 54.522 billion on the last trading day.
The three top trading companies were K-Electric Limited with 406,344,273 shares at Rs.7.38 per share, followed by Cnergyico PK with 207,134,630 shares at Rs.8.85 per share, and WorldCall Telecom with 174,061,613 shares at Rs.1.76 per share.
The top gainers were Rafhan Maize Products Company Limited, share prices of increased by Rs70.39 to close at Rs9,594.95, and Nestle Pakistan Limited, which rose by Rs35.60 to close at Rs8,435.00.
The major losers were PIA Holding Company LimitedB, which declined by Rs1,556.18 to close at Rs28,042.82, and Khyber Textile Mills Limited, which fell by Rs184.99 to close at Rs1,924.82.
Reporters: Kavish Memon and Awais Kiyani