PSX Rises Over 1,000 Points on Hope of Untroubled IMF Review
The Pakistan Stock Exchange (PSX) made a big comeback on Thursday as the 100-Index gained 1,009.70 points, or 0.89%, to settle at 115,094.24 points, versus 114,084.54 points in the previous session.
Brokerage firm Topline Securities said that the trend was mainly influenced by increasing investor optimism that the review process with the International Monetary Fund (IMF) would go on smoothly. This confidence led to extensive buying in key sectors, which enhanced market action.
A total of 382,791,629 shares changed hands, an increase from 299,630,187 shares the previous day. The value of shares traded also went up to Rs. 25.407 billion from Rs. 20.262 billion the previous day.
232 companies saw gains out of the 444 that traded shares, 156 saw losses, and 56 were unchanged.
The highest trading businesses were Bank of Punjab, trading 48,802,683 shares for Rs. 13.45 each, Barkat Frisian Agro, trading 24,680,233 shares at Rs. 28.40 per share, and Fauji Cement, trading 19,660,929 shares at Rs. 45.29 per share.
Hoechst Pakistan Limited experienced the largest increase, with its price going up by Rs. 85.30, closing at Rs. 3,199.88. PIA Holding Company Limited also experienced an increase of Rs. 64.22, closing at Rs. 928.47.
Conversely, Unilever Pakistan Foods Limited had the sharpest drop, with its share price plummeting by Rs. 122.40 to Rs. 23,217.20. Services Industries Limited also dropped by Rs. 36.15, with its share price closing at Rs. 1,383.77.
The overall performance of the market reflects a positive sentiment fueled by investor optimism in the IMF review’s successful completion.
