ISLAMABAD: The Pakistan Stock Exchange (PSX) continued to observe a bullish trend on Wednesday with the benchmark 100 Index settling above 105,000 points for the first time in history.
At the close of trading, the 100-index gained 545.26 points or 0.52 percent to stand at 105,104.33 points before closing at this record high.
The trading house observed a bullish trend throughout the trading day, demonstrating the confidence of the investors. Buying was observed in key sectors including oil and gas exploration companies, power generation, and refineries.
The positive trend is largely attributed to growing investor optimism ahead of the upcoming monetary policy meeting scheduled for December 16, 2024, where a substantial rate cut is expected.
On Wednesday a total, 1,749,316,877 shares were traded at the PSX during the day as compared to 1,766,474,377 shares the last working day, whereas the price of shares stood at Rs 50.416 billion against Rs.56.624 billion on the last trading day.
As many as 467 companies transacted their shares in the stock market, 258 of them registered gains and 180 met losses, whereas the share price of 29 companies remained unchanged.
The three top trading companies were WorldCall Telecom with 257,531,069 shares at Rs 1.61 per share followed by Cnergyico PK with 213,200,271 shares at Rs 6.85 per share whereas Pak International Bulk settled with 89,650,764 shares at Rs.8.57 per share.
Unilever Pakistan Foods Limited recorded a maximum increase of Rs.334.89 per share price, closing at Rs.20,200.00, whereas Hoechst Pakistan Limited was the runner-up with Rs 53.32 rise in its per share price to Rs 2,748.57.
Sahhpire Fibres Limited witnessed a maximum decline of Rs 87.62 per share closing at Rs 1,112.38 followed by Indus Services Industries Limited with a decrease of Rs 51.40 to close at Rs1,430.37.
According to experts exchange rate stability, a transition from one $3-billion arrangement to another longer facility with the International Monetary Fund (IMF), improvement in index-heavy sector’s earnings, and a general mood for stocks have been just a few factors behind the PSX phenomenal rise.
Finance Minister Lauds Pakistan’s economic progress
Finance Minister of Pakistan Muhammad Aurangzeb has said the country has made significant progress on the economic front over the past year.
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Addressing a conference in Islamabad, the Finance Minister highlighted the stability of Pakistan’s currency and the growth in foreign exchange reserves, which now cover approximately two and a half months’ worth of imports. He also noted that inflation has decreased to 4.9%.
Additionally, the Finance Minister reiterated the government’s commitment to supporting the private sector in advancing the housing sector, emphasising that housing is a vital pillar of economic inclusivity. He called for streamlining the procedures for house financing to make it more accessible to the public.
