ISLAMABAD: The Pakistan Stock Exchange (PSX) experienced a volatile session on Wednesday, with the benchmark KSE-100 Index losing 490.03 points due to selling pressure.
The index closed at 112,253.76 points, down 0.43 per cent from the previous session’s,112,743.80 points.
In a significant development, Finance Minister Muhammad Aurangzeb has said that Pakistan is “well positioned” for the first review of its $7 billion International Monetary Fund (IMF) bailout program.
Last summer, Islamabad secured the $7 billion Extended Fund Facility to help navigate its economic crisis, with an initial disbursement of approximately $1 billion.
On Wednesday a total of 263,963,740 shares were entertained as compared to 206,851,125 shares the last working day, whereas the price of shares stood at Rs 13,731 billion against Rs 11.337 billion on the previous trading day.
As many as 431 companies transacted their shares in the stock market, 165 of them registered gains and 197 met losses, whereas the share price of 69 companies remained unchanged.
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The three top trading companies were Pak International Bulk with 53,572,239 shares at Rs 9.58 per share followed by WorldCall Telecom with 23,567,256 shares at Rs 1.34 per share whereas Power Cement settled with 10,979,264 shares at Rs 10.94 per share.
Nestle Pakistan Limited witnessed a maximum increase of Rs 149.20 per share closing at Rs 7,499.20 whereas Sapphire Textile Mills Limited was the runner-up with Rs 88.40 increase in its share price to close at Rs 1,288.40.
Rafhan Maize Products Company Limited witnessed a maximum decline of Rs 115.00 per share price, closing at Rs 9,235.00, whereas the runner-up was Hoechst Pakistan Limited with a fall of Rs 80.83 in its per share price to Rs 3,102.44.
On Tuesday, the Pakistan Stock Exchange (PSX) saw a return of positive momentum, with the benchmark KSE-100 Index closing up by more than 750 points, reaching 112,743.80.
Globally, Australian stocks fell by 0.9 per cent, while Japan’s Nikkei declined by 0.2 per cent, reversing earlier small gains. Futures for Hong Kong’s Hang Seng indicated a 0.6 per cent rise.
In the US, the S&P 500 dropped 1.2 per cent, but futures showed a 0.6 per cent, increase on Wednesday. MSCI’s world equity index inched up by 0.1 per cent, though it remained 1.9 per cent, lower for the week.
On Tuesday, US President Donald Trump’s tariffs took effect, with a 25 per cent, tax on imports from Mexico and Canada, alongside a 20 per cent, duty on Chinese goods, which had been doubled.
