MM News

KARACHI: The Pakistan Stock Exchange (PSX) turned around on Friday and witnessed a bullish trend to close the week on a positive trend as the political situation improves in the country.

The KSE 100-index witnessed an upward trajectory as trading resumed and it reached the highest point of 44,501.55 points. It gainied 657.75 points, with a positive change of 1.50 percent, closing at 44,444.58 points against 43,786.83 points on the last working day. The total volume of shares increased to 93.983 million valued at Rs4.527 billion.

The lower bench KSE-30 index also increased by 306.05 points (1.83%) and closed at 17,014.13 points. The total volume of shares was 69.035 million. The KMI 30 index increased by 1,102.62 points (1.56%) and closed at 71,717.81 points, while the All Share Index increased by 380.05 points (1.27%) and closed at 30,369.28 points. The total volume of shares traded were 227,697 million at the stock market.

A total of 227,885,722 shares were traded during the day compared to the trade of 141,017,708 shares the previous day whereas the price of shares stood at Rs6.785 billion against Rs4.980 billion on last trading day. As many as 325 companies transacted shares in the stock market, 235 of them recorded gain and 72 sustained losses, whereas the share price of 18 companies remained unchanged.

The three top trading companies were Telecard Limited with a volume of 19,721,010 shares and price per share of Rs15.10, Ghani Global Holding with a volume of 17,718,500 and price per share of Rs17.61 and Treet Corp with volume of 16,879,000 and price per share of Rs34.18.

Investor sentiment is positive as expecting political stability following the Supreme Court’s ruling to retore the National Assembly. On the economic side, the SBP had raised its policy rate by 250 basis points to 12.25 percent in an emergency meeting. The central bank said that more steps like an increase in export refinancing rates and cash margin on imports would be announced soon.