Share prices surge at Pakistan Stock Exchange by over 1,500 points
The Pakistan Stock Exchange (PSX) on Friday witnessed a bullish trend due to a notable surge in investor interest, reported 24NewsHDTV channel.
Until Friday prayers break, the PSX’s benchmarks KSE-100 Index jumped by over 1,500 points. In total, index gained 1,581.77 points or 1.28% to reach 123,628.23 points, indicating strong investor confidence.
Market experts highlighted that increased investments in the financial, banking, and energy sectors have bolstered the index.
Key factors driving this uptrend include improvements in economic indicators and optimistic expectations following the recent budget.
Investors remained hopeful for stability and gradual improvements in the market in the coming days.
Earlier on Thursday, the Pakistan Stock Exchange experienced a bearish trend after two days of gains, losing 715.18 points to close at 122,046.46 points, which a financial analyst attributed to profit-taking driven by fiscal year-end considerations.
Engro Fertilisers (+2.22%), National Foods (+8.07%) and Pakistan Petroleum (+0.79%) were the top contributors to index gains.
On the other hand, Bank AL Habib (-2.84%), Lucky Cement (-1.86%) and Habib Bank (-2.59%) were the biggest drags, it said.
In a key event, the Supreme Court provided a boost to the cement sector by suspending the Lahore High Court’s directive that required Punjab-based manufacturers to pay 6% royalty on the ex-factory price
As many as 473 companies transacted their shares in the stock market, with 200 of them recording gains and 237 sustaining losses and the share price of 36 companies remained unchanged.
Reporter: Kawish Memon