Pakistan Stock Exchange maintains bullish momentum
Stay tuned with 24 News HD Android App
The Pakistan Stock Exchange (PSX) on Friday continues upward trend and surpassed 800 points amid growing confidence of investors and the recent economic gains, reported 24NewsHD TV channel.
The KSE-100 index gained 862.60 points or 0.73 percent to reach 117,763.73 points just before Juma prayers.
Earlier on Thursday, the Pakistan Stock Exchange (PSX) bounced back and closed higher. The benchmark KSE-100 index increased by 881 points amid strong economic data, especially the record current account surplus numbers.
The index increased by 881.03 points, or 0.76 per cent, to 116,901.13 points, up from the 116,020.11 points recorded in the last session. The highest index of the day remained at 117,216.03 points, while the lowest level was recorded at 115,818.07 points.
An economic analyst said, “Stocks showed sharp recovery amid the $1.195 billion record current account surplus in March and Kuwait extended oil credit facility to ease rupee instability and attract foreign inflows.”
He said that Fitch Ratings upgrade of default rating and stable outlook, surging Asian equities and crude oil prices, upbeat economic data on remittances and inflation played a catalyst role in the bullish close.
Index performance was largely driven by heavyweight stocks including UBL, PSO, NBP, MARI and MLCF, which collectively contributed 515 points, underscoring their pivotal role in sustaining market momentum.
Other significant turnover stocks included Cnergyico PK, Fauji Cement, National Bank XD, WorldCall Telecom, Pace (Pak) Ltd, Sui South Gas, Hascol Petrol and United Bank.
In the futures market, 309 companies recorded trading, 163 of which increased, 136 decreased, and 10 remained unchanged.
Reporter Ashraf Khan