Bull-run again dominates Pakistan Stock Exchange
Index surged by another 545 points tossing the bourse to new record high
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Bull-run dominated the business again as the Pakistan Stock Exchange's benchmark KSE-100 index gained another 545.26 points or 0.52 percent to reach 1,05,104.33 points within hours, reported 24NewsHD TV channel.
Experts believed that this positive development came in PSX as Pakistan’s annual consumer inflation slowed to 4.9 percent in November, amid a narrowing trade deficit and increasing exports.
They further said consumer inflation cooled from 7.2 percent in October, a sharp drop from a multi-decade high of nearly 40 percent in May 2023. The interest rates by 250 basis points earlier in November to help revive economy amid a big drop in the rate of inflation.
They said the bullish trend was led by scrips across the board as investors eyed big policy rate cut next week. Analysts believed that consistent policy support, stabilized external accounts, and reduced costs of doing business will sustain the market's upward trajectory.
On Tuesday, Pakistan Stock Exchange had witnessed bullish trend, gaining 1,284.13 points points, a positive change of 1.24 percent, closing at 104,559.07 points.
A total of 1,766,474,377 shares were traded during the day as compared to 1,556,252,523 shares the previous trading day, whereas the price of shares stood at Rs56.624 billion against Rs47.097 billion on the last trading day.
As many as 465 companies transacted their shares in the stock market and 271 of them recorded gains and 160 sustained losses, whereas the share prices of 34 companies remained unchanged.
The three top trading companies were Cnergyico PK with 246,707,903 shares at Rs6.72 per share, WorldCall Telecom with 89,419,070 shares at Rs1.47 per share and Hascol Petrol with 87,024,698 shares at Rs14.68 per share.
Unilever Pakistan Foods Limited witnessed a maximum increase of Rs65.10 per share price, closing at Rs19,865.11, whereas the runner-up was Nestle Pakistan Limited with Rs48.51 rise in its per share price to Rs6,681.38.
Hafiz Limited witnessed a maximum decrease of Rs21.31 per share, closing at Rs262.50, followed by Indus Motor Company Limited with Rs20.65 decline to close at Rs2,005.94.
Reporter: Rana Ayaz