Brisk buying lifts Pakistan Stock Exchange to another record high
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Share prices at Pakistan Stock Exchange (PSX) continued to set record after record as they skyrocketed by another 500-plus points during trading on Thursday, taking the benchmark KSE-100 index to another historic high, reported 24NewsHD TV channel.
Buyers went all out as the business began lifting the index by 515.34 points or 0.64 percent to 80,749.01, which was another record.
On Wednesday, the Pakistan Stock Exchange (PSX) had crossed the milestone of 80,000 points as stocks climbed more than 600 points. The index climbed 627.99 points, or 0.79 percent, to stand at 80,180.87. Experts attributed the bullish trajectory to surging global crude oil prices, expectations for strong dividend payouts by the oil sector dominated by state-owned enterprises, and ongoing positive talks for an International Monetary Fund (IMF) bailout deal this month.
The trading volume increased to 536.58 million shares compared to 413.15 million shares on Tuesday, with the total value of shares rising to Rs22.72 billion from Rs16.60 billion. In total, 447 companies traded their shares, with 256 recording gains, 135 sustaining losses, and 56 remaining unchanged.
Pak Elektron led the trading with 34.59 million shares at Rs26.75 per share, followed by Bank of Punjab with 31.47 million shares at Rs5.40 per share, and National Bank XD with 21.22 million shares at Rs44.33 per share.
Nestle Pakistan Limited saw the highest increase in share price, rising by Rs129.41 to close at Rs7,060.41. Philip Morris (Pakistan) Limited followed with a Rs54.80 increase, closing at Rs663.71.
On the downside, Unilever Pakistan Foods Limited experienced the largest decrease, dropping by Rs134.99 to Rs18,162.50. Rafhan Maize Production Company Limited also saw a decline, with its share price falling by Rs82.36 to close at Rs 7,517.64.
Reporter Ashraf Khan