Share prices hit historic mark at Pakistan Stock Exchange

Share prices at the Pakistan Stock Exchange (PSX) soared to a new all-time high on Wednesday, the first day of the new year, with stocks gaining over 1,880 points, reported 24NewsHD TV channel.

At the end of the day, the benchmark KSE-100 index surged by 1,881.18 points or 1.61 percent to 117,008.08 as compared to previous day’s close of 115,259.00.

Of the 461 companies traded, share prices of 258 companies went up and of 160 went down while 43 remained unchanged.

Economic experts stated that the upward momentum was fuelled by optimism surrounding anticipated increases in equity fund allocations

The experts believed that the finance minister’s statement, suggesting a potential decline in interest rates to single-digit levels in the future added further “impetus” to the rates.

On Tuesday, the KSE-100 index had gained 3,907.82 more points, a positive change of 3.51 percent, to close at 115,259.00 points.

A total of 1.2 billion shares were traded during the day as compared to 1.05 billion shares the previous trading day. The price of shares stood at Rs44.22 billion as compared with Rs40.89 billion on the previous day.

As many as 465 scrips were active in the stock market, out of which, 235 recorded gains and 188 sustained losses while the share price of 42 companies remained unchanged.

Cnergyico PK remained the top-trading company with 213 million shares at Rs7.85 per share, followed by Pace (Pak) Ltd. with 66.22 million shares at Rs8.09 per share.

WorldCall Telecom was the third with 65.77 million shares to settle at Rs1.78 per share at the closing of the PSX.

Bata Pakistan Limited was the top gainer with an increase of Rs104.48 per share price to close at Rs2,019 followed by Unilever Pakistan Foods Limited with Rs91.16 rise in its per share price to Rs21,225.

Haleon Pakistan Limited recorded a decrease of Rs52.25 per share closing at Rs807.67 followed by Shahmurad Sugar Mills Limited with Rs47.31 decline to close at Rs426.

Reporter: Ayaz Rana