KEY POINTS
- The benchmark KSE-100 Index surges by 1,913 points.
- The buying spree continues at the PSX amid investors’ confidence.
- Strong momentum due to the slashing of National Savings Scheme (NSS) rates.
ISLAMABAD: The Pakistan Stock Exchange (PSX) observed a bullish trend on Wednesday, as the benchmark KSE-100 Index gained 1,913 or 1.6% points before closing at 110,810.21 points.
The buying was observed in sectors, including automobile assemblers, cement, commercial banks, fertilisers, oil and gas exploration companies, refineries, and power generation. Prominent stocks such as HUBCO, PSO, SSGC, SHELL, ENGRO, MCB, MEBL, HBL, and DGKC traded in the green.
The buying momentum was accredited to positive macroeconomic developments, especially the decline in Pakistan’s inflation rate to 4.9% in November. This reduction has fueled expectations of a further policy rate cut during the upcoming Monetary Policy Committee (MPC) meeting.
On Wednesday a total of 1,080,023,483 shares were traded at the PSX as compared to 1,548,302,320 shares the previous trading day, whereas the price of shares stood at Rs 47.139 billion against Rs. 68.805 billion on the last trading day.
As many as 472 companies transacted their shares in the stock market, 288 of them registered gains and 130 met losses, whereas the share price of 54 companies remained unchanged.
The three top trading companies were K-Electric Limited 135,915,842 shares at Rs 6.40 per share, followed by WorldCall Telecom with 73,534,167 shares at Rs 1.65 per share whereas Fauji Foods Limited settled with 57,124,498 shares at Rs.14.90 per share.
Unilever Pakistan Foods Limited recorded a maximum increase of Rs.504.95 per share price, closing at Rs.20,835.50, whereas Khyber Textile Mills Limited was the runner-up with Rs 53.11 rise in its per share price to Rs 684.99
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Nestle Pakistan Limited witnessed a maximum decline of Rs 175.54 per share closing at Rs 7,155.27 followed by Mehmood Textile Mills Limited with a fall of Rs 59.14 to close at Rs.562.53.
The market on Wednesday opened with strong momentum and reached a high of 111,012.01 points during the trading session, before settling at its final position.
“Stocks are bullish after National Savings Scheme (NSS) rates were slashed, renewing speculation over significant SBP policy easing on December 16,” said Ahsan Mehanti, Managing Director and CEO of Arif Habib Commodities.
“Robust economic indicators, rupee stability, and recovery in global equities on receding geopolitical tensions played a catalytic role in the record surge at PSX,” he added.
Yesterday’s trading session observed significant volatility, with the KSE-100 Index swinging between gains and losses before closing 1,073.74 points down at 108,896.65.
As the market continues to climb, investors are hopeful that these positive trends will persist, contributing to sustained growth in Pakistan’s economic markets.
In recent weeks, the market has shown a strong upward trend, driven by positive economic indicators.
