ISLAMABAD: The Pakistan Stock Exchange (PSX) surged to an unprecedented level of all-time high, crossing the 119,000 mark for the first time before settling at 118,769.77 on Thursday.
The benchmark KSE-100 Index reached an all-time intra-day high of 119,421.81, gaining 795.75 points by the close of trading.
Buying was observed in key sectors including oil and gas exploration companies, OMCs, power generation, and refineries. Index-heavy stocks traded in the green, including HUBCO, NRL, SNGPL, SSGC, MARI, OGDC, and PPL.
The positive momentum was driven by positive news surrounding the resolution of circular debt in the energy sector and market expectations of a Staff-Level Agreement (SLA) with the International Monetary Fund (IMF).
Prime Minister Shehbaz Sharif expressed his satisfaction with the Pakistan Stock Exchange (PSX) reaching 119,000 points for the first time in history.
He saw the positive market trend as a sign of growing confidence among traders and investors in the government’s policies.
The Prime Minister credited the improvement in economic indicators and the overall business environment to the government’s economic strategies over the past year.
He added that the government is focused on creating a favourable environment for business and investment.
On Thursday a total of 667,875,803 shares were entertained as compared to 544,200,130 shares the last working day, whereas the price of shares stood at Rs 38.525 billion against Rs 32.310 billion on the previous trading day.
As many as 442 companies transacted their shares in the stock market, 205 of them registered gains, and 176 met losses, whereas the share price of 61 companies remained unchanged.
The three top trading companies were Cnergyico PK with 163,976,906 shares at Rs 8.21 per share followed by Bank of Punjab with 45,899,654 shares at Rs 11.63 per share whereas Pak Refinery settled with 45,149,230 shares at Rs 39.13 per share.
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Mari Energies Limited witnessed a maximum increase of Rs 57.72 per share closing at Rs 700.09 whereas PIA Holding Company LimitedB was the runner-up with a Rs 55.45 increase in its share price to close at Rs 977.46.
Sapphire Textile Mills Limited witnessed a maximum decline of Rs 23.20 per share price, closing at Rs1,126.86, whereas the runner-up was Nestle Pakistan Limited with a drop of Rs 18.41 in its per share price to Rs 7,383.92.
On Wednesday, the benchmark KSE-100 Index surged by almost 1,000 points, closing at a record high of 117,974.02.
Globally, Asian shares faced pressure from weakness in Chinese markets on Thursday, making it difficult to capitalise on Wall Street’s rally.
However, investor sentiment was boosted by the possibility that the Federal Reserve may still implement two rate cuts later this year.
