KEY POINTS
- The benchmark KSE-100 Index surges by 1,867 points.
- The buying spree continues at the PSX amid investors’ confidence.
- As many as 477 companies transacted their shares in the stock market.
ISLAMABAD: The Pakistan Stock Exchange (PSX) began the week on a bullish note, as the KSE-100 index gained 1,867.61 points or 1.63% before closing at 116,169.41 benchmark.
The buying momentum was attributed to positive macroeconomic developments, especially the decline in Pakistan’s inflation rate to 4.9% in November.
Buying was witnessed in key sectors including automobile assemblers, oil and gas exploration companies, OMCs and refinery, while some selling pressure was observed in commercial banks, fertilizer, and the power generation sector.
On Monday a total of 1,470,661,659 shares were traded during the day as compared to 1,118,570,230 shares the last trading day, whereas the price of shares stood at Rs 66.628 billion against Rs.59.511 billion on the previous working day.
As many as 477 companies transacted their shares in the stock market, 246 of them registered gains, and 194 met losses, whereas the share price of 37 companies remained unchanged.
The three top trading companies were WorldCall Telecom 403,228,918 shares at Rs 1.92 per share followed by Cnergyico PK with 59,584,754 shares at Rs 7.12 per share whereas Pak Refinery settled with 54,776,226 shares at Rs.36.52 per share.
Nestle Pakistan Limited recorded a maximum increase of Rs.163.27 per share price, closing at Rs.7,586.36, whereas Rafhan Maize Products Company Limited was the runner-up with Rs 108.58 rise in its per share price to Rs 8,999.09.
Unilever Pakistan Foods Limited witnessed a maximum decline of Rs 154.99 per share closing at Rs 20,820.00 followed by Khyber Textile Mills Limited with a fall of Rs 64.63 to close at Rs.720.32.
In the last two weeks, the Pakistan Stock Exchange has witnessed many record single-day gains. Extensive buying during the last week sent the index increasing by a record point-wise weekly gain of 7,697 points.
“Stocks are bullish, led by scrips across the board, as investors eye a significant SBP rate cut amid thin inflation,” said Ahsan Mehanti, Managing Director and CEO of Arif Habib Commodities.
“The recent cut in government bond yields to 11.99%, upbeat economic indicators for trade balances, foreign exchange reserves, and remittances have played a catalyst role in this record surge at PSX,” he added.
