PSX Gains 293 Points Amid Continued Bullish Trend

Tue Nov 21 2023
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ISLAMABAD: After observing a slight bullish trend last day, the 100-index of the Pakistan Stock Exchange (PSX) continued the upward trend on Tuesday while gaining 293.63 points with a positive change of 0.51 percent. At close, the index settled at 57,371.59, still occupying the historic high and above the psychological benchmark of 57000 level. Last day, the index closed at 57,077.96 points. 

On Tuesday, 1,012,258,472 shares valued at Rs19.338 billion were traded, against 718,285,234 shares valued at Rs 16.686 billion being traded on Monday. 

In total, 390 companies traded their shares in the market; 231 of them witnessed gains, and 143 remained in the red zone with losses, whereas the share price of 16 companies remained unchanged. 

WorldCall Telcom remained the volume leader among the top-three trading companies with 254,276,110 shares at Rs.1.67 per share, followed by K-Electric Ltd with 63,355,766 shares at Rs.3.51 per share, whereas Hum Network settled as number three from the top with 38,044,000 shares at Rs.7.99 per share. 

Unilever FoodsXD witnessed a maximum appreciation of Rs.499.85 per share price, closing at Rs.23,000.00, while Rafhan Maize settled as the runner-up with an increase of Rs.207.16 in its per share price to Rs10,550.00. 

Colgate Palm recorded a maximum decline of Rs.34.71 per share, closing at Rs1,648.17, followed by Bata (Pak), with a decline of Rs.32.44 per share to close at Rs.1,656.56.

Bullish Trend at PSX

During the last couple of weeks, the Pakistan Stock Exchange witnessed a remarkable bullish trend, except the bearish trend last Friday (due to profit taking). On Thursday, the 100 Index crossed the 57,000 level for the first time in history and is still enjoying the historic level.

Market experts believe the recent upward and positive sentiments in the market were due to the agreement between Pakistan and the International Monetary Fund (IMF) to reach a staff-level agreement on the first review for the 9-month Stand-By Arrangement (SBA).

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