Share prices go through the roof at PSX with 3,134-point surge
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Share prices marched to another all-time high at Pakistan Stock Exchange (PSX) on Thursday with stocks soaring by nearly 3,150 points amid buying all around, reported 24NewsHD TV channel.
The confident investors resorted to brisk buying as the bull-run seemed unstoppable and rampant.
At the end of the day, the benchmark KSE-100 index surged by 3,134.63 points or 2.90 percent to 108,238.96 points as compared to previous day’s close at 105,104.34 points.
Shares of a total of 472 companies were traded with 306 going up and 129 going down, with 37 unchanged.
On Wednesday, the KSE-100 index had closed higher by 545 points to another all-time high, led by buying by local institutions amid the expectation of a higher cut in the discount rate next week.
The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index had increased by 545.26 points or 0.52 percent to 105,104.34 points.
Experts said “Stocks closed to a new all-time high led by the oil and energy sector amid upbeat data on POL sales surging by 15 percent YoY and cement sales surging by 5.6 pe cent YoY in Nov’24.”
They maintained that the imminent SBP policy rate cut next week, rupee stability, upbeat economic indicators on exports, trade deficit and external account played a catalyst role in the record close at the PSX on Wednesday.
Traded shares decreased by 17 million shares to 1,749.316 million shares from 1,766.474 million shares. The trading value dropped to Rs50.416 billion from Rs56.624 billion. Market capital expanded to Rs13.356 trillion against Rs13.252 trillion. Of the 467 companies active in the session, 258 closed in green, 180 in red and 29 remained unchanged.
MARI, HUBC, AIRLINK, MTL, and PSO were major contributors to the index’s surge, collectively adding 442 points. The highest increase was recorded in Unilever Pakistan Foods Limited, which rose by Rs334.89 to Rs20,200 per share, followed by Hoechst Pakistan Limited, which increased by Rs53.32 to Rs2,748.57 per share. A significant decline was noted in Sapphire Fibres Limited, which fell by Rs87.62 to Rs1,112.38 per share; Service Industries Limited followed it, which closed lower by Rs51.40 to Rs1,430.37 per share.
Reporter Ayaz Rana