ISLAMABAD: After continues fluctuation and remaining uncertain for a couple of days, the Pakistan Stock Exchange (PSX) witnessed a massive bullish jump by about 1,400 points (3.4%) on Monday after hopes emerged over the possible resumption of the deal with the International Monetary Fund IMF.
The market experienced a major boost after the investors came to know about the hopes created in line with recent new budget measures paying the way for the revival of the IMF programme in addition to the lifting of import restrictions after several months.
Last Saturday, Finance Minister Ishaq Dar announced imposing Rs215 billion in new taxes to fulfill IMF conditions. In addition, the recent meeting of Prime Minister Shehbaz Sharif with Kristalina Georgieva, Managing Director of the IMF, at the sidelines of the Paris summit made the business environment further friendly.
Meanwhile, at the close of the trading, the 100-index settled at 41,437.10, an increase of 1371.78 points or 3.42% against 40,065.32 on the previous trading day.
Throughout the day the investors opted to remain in the green zone and keep buying in different sectors including oil and gas, automobile assemblers, chemical, cement, commercial banks etc.
Bullish Trend at PSX
On Monday a total of 226,821,151 shares were transacted against 136,899,866 shares the previous day, whereas the price of shares stood at Rs.7.010 billion compared to Rs. 3.372 billion on the last trading day.
In total 327 companies traded their shares in the stock market, 269 of them witnessed gains and only 43 companies sustained losses, whereas the share price of 15 companies remained unchanged.
WorldCall Telecom settled atop among the top three top-trading companies with 26,220.940 shares at Rs.1.12 per share and Fauji Fert Bin stood as runner-up with 13,147,500 shares at Rs.11.61 per share followed by Sui North Gas with 12,503,829 shares at Rs.40.54 per share.
Pak Tobacco recorded a maximum appreciation of Rs.43.66 per share price, closing at Rs.692.51, whereas Colgate Palm settled as the runner-up with an increase of Rs.40.39 in its per share price to Rs.1,138.06.
Pak Service witnessed a maximum decline of Rs.63.00 per share closing at Rs.779.00 followed by Faisal Spinning with a decline of Rs.26.25 to close at Rs.323,75.
