PSX increases by 488 points to close week on postive note

KARACHI: Pakistan Stock Exchange (PSX) on Friday continued the upward trajectory for the second consecutive day to end the week on a positive note. 

The benchmark KSE-100 index surged by 487.85 points (1.1%) and closed at 44,821.53 points. The bourse dropped in early trading before it reached the highest level of 44,834.83 points. The bourse surged in later trading before trading was suspended on positve note. The total volume of shares was 152.023 million valued at Rs8.315bn.

The lower-bench KSE-30 index increased by 178.45 points (1.03%) and closed at 17,521.48 points. The total volume of shares was 72.521 million. The KMI-30 index surged by 1,184.19 points (1.67%) and closed at 72,064.57 points, while All-Share Index increased by 265.51 points (0.87%) and closed at 30,770.14 points. The were 334.251 million shared traded at the stock market.

The most active stock was Service Fabrics Ltd (SERF 7.04%) which saw 34.251 million shares traded at the stock market. This was followed by Unity Foods Ltd (UNITY 6.28%), WorldCall Telecom Ltd (WTL -1.65%), and Treet Coporation (TREET -7.52%). The total volume of scrips was 26.471 million, 25.490 million, and 19.620 million respectively.

Finance Minister Shaukat Tarin is currently in Washington to hold talks with the International Monetary Fund (IMF) for the revival of the stalled financial programme.

The federal government has approved an increase in the power tariff by Rs1.68 per unit after a summary was received by the Ministry of Energy for approval. The government had sought the federal cabinet’s approval in a bid to remain in the IMF programme.