PSX Gains 626 Points to Breach 44,000 Barrier, Highest in Last 14 months

Thu Jul 06 2023
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ISLAMABAD: After the recent development over the agreement with the International Monetary Fund (IMF), the PSX (Pakistan Stock Exchange), after a slight upward trend last day, witnessed another major jump and gained over 620 points on Thursday to breach the 44,000 mark.

After the closing of the trade, the 100-index reached 44,178.85 points with an increase of 1.44 percent (626.02 points) against the last day closing at 43552.83. On the first working day of the week, the index recorded a rise of over 2200 points, again sensing the same IMF deal temperament. It was the highest single-day gain on the market.

This is the first time the index has closed over the range of 44,000 since May 2022.

Top-tier sectors and companies, including banking, chemical, telecommunication, cement, oil, and gas exploration companies as well as OMCs, remained in the green; however, some of the automobile assemblers settled in the red zone.

Experts believe the upward trend happened as investors expect approval of the $3 billion loan from the IMF during its Executive Board meeting in the next week. Earlier on 30th June, Pakistan managed to take the IMF’s staff-level approval for the deal.

On Thursday, a total of 297,822,139 shares were transacted against 351,181,910 shares the previous day, whereas the price of shares stood at Rs.12.428 billion compared to Rs 12.014 billion on Wednesday.

Bullish Trend at PSX

During the day 335 companies traded their shares in the stock market, 200 of them witnessed gains and 112 sustained losses, while the share price of 23 companies remained unchanged.

WorldCall Telecom settled as the top-trading company with 28,845,201 shares at Rs.1.21 per share and Pak Elektron settled as runner-up with 16,169,219 shares at Rs.10.66 per share followed by Pak Petroleum with 14,126,634 shares at Rs.67.24 per share.

Mehmood Tex recorded a maximum appreciation of Rs.43.15 per share price, settled at Rs.725.00, whereas Shield Corp settled as runner-up with an increase of Rs.21.97 in its per share price to Rs.314.86.

Pak Services recorded a decline of Rs.52.12 per share closing at Rs.756.68; followed by Bata (Pak) with a decrease of Rs.34.00 to close at Rs.1,760.00.

 

 

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