ISLAMABAD: The buying rally at the Pakistan Stock Exchange (PSX) persisted, with the benchmark KSE-100 Index surpassing the 117,000 mark after gaining 801.50 points on Tuesday.
Buying was observed in key sectors including oil and gas exploration companies, OMCs, power generation, and refineries. Index-heavy stocks including HUBCO, ARL, PRL, PSO, SNGPL, OGDC, POL, and PPL settled in the green.
On Tuesday a total of 449,484,737 shares were entertained as compared to 507,512,741 shares the last working day, whereas the price of shares stood at 29.178 billion against Rs 34.105 billion on the previous trading day.
As many as 447 companies transacted their shares in the stock market, 206 of them registered gains and 180 met losses, whereas the share price of 61 companies remained unchanged.
The three top trading companies were Pak International Bulk with 59,131,134 shares at Rs 10.66 per share followed by Bank of PunjabXD with 36,470,727 shares at Rs 11.82 per share whereas Fauji Cement settled with 24,985,777 shares at Rs 46.38 per share.
Unilever Pakistan Foods Limited witnessed a maximum increase of Rs 222.49 per share closing at Rs 23,482.50 whereas Nestle Pakistan Limited was the runner-up with Rs 117.17 increase in its share price to close at Rs 7,647.17.
Philip Morris (Pakistan) Limited witnessed a maximum decline of Rs 24.39 per share price, closing at Rs 659.64, whereas the runner-up was PIA Holding Company LimitedB with a drop of Rs 21.74in its per share price to Rs920.87.
In a major development, the IMF has authorised Pakistan’s government to borrow Rs1.25 trillion ($4.5 billion) from domestic banks to tackle its growing circular debt, without increasing its public debt stock.
This agreement followed policy discussions between Pakistani officials and the IMF, during which Islamabad presented a six-year plan to manage the Rs2.4 trillion circular debt that has burdened the power sector.
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On Monday, the buying rally continued at the PSX, with the benchmark KSE-100 Index rising by 663 points to close above 116,000.
Meanwhile, Hong Kong stocks surged to three-year highs on Tuesday, driving Asian markets higher.
Investors grew more optimistic about the prospects for the world’s second-largest economy, bolstered by encouraging recent data and pledges to further boost consumption.
