Strong macroeconomic fundamentals and earnings optimism are expected to sustain market momentum in the near term.
PSX Hits All-Time High Mark of 135,000 Points. Pakistan Stock Exchange (PSX) maintained strong upward momentum as it surpassed a historic milestone of 135,000 points on Monday after the International Monetary Fund (IMF) praised Pakistan’s strong performance under Extended Fund Facility (EFF) programme and improved macroeconomic indicators, reported 24NewsHD TV channel.
During the opening session of trading, the PSX’s benchmark KSE-100 Index gained 1,207.86 points or 0.89% to reach 135,507.62 points.
Analysts pointed to China’s rollover of $3.4 billion in deposits and loans, a $1 billion mobilization from Middle Eastern commercial banks through the ADB’s $500 million policy-based guarantee, and another $500 million from multilateral lenders as major contributors to PSX rally. No additional inflows were reported after June 30.
Strong macroeconomic fundamentals and earnings optimism are expected to sustain market momentum in the near term.
Earlier on Friday, the index continued with bullish trend, gaining 517.42 points, a positive change of 0.39 percent, closing at 134,299.77 points. A total of 765,079,448 shares were traded during the day, whereas the price of shares stood at Rs40.165 billion.
As many as 477 companies transacted their shares in the stock market, 220 of them recorded gains and 228 sustained losses, whereas the share price of 29 companies remained unchanged.
The three top trading companies were Bank of Punjab with 94,133,007 shares at Rs13.08 per share, Aisha Steel Mills with 25,050,249 shares at Rs12.11 per share, and Kohinoor Spinning with 23,604,546 shares at Rs6.69 per share.
PIA Holding Company Limited B witnessed a maximum increase of Rs 2,337.54 per share price, closing at Rs26,152.94, whereas the runner-up was Ismail Industries Limited with Rs 169.67 rise in its per share price to Rs2,129.67.
Bhanero Textile Mills Limited witnessed a maximum decrease of Rs48.92 per share closing at Rs 962.82 followed by Khyber Textile Mills Limited with Rs37.66 decline in its share price to close at Rs1,425.80.
