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ISLAMABAD: Pakistan Stock Exchange (PSX) has reacted positively to expected increase in policy rate as the KSE-100 index gained 258.11 points on Thursday, a positive change of 0.64 per cent, closing at 40,670.88 points against 40,412.77 points the previous day.
In a significant development, the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) has raised the key interest rate by 300 basis points, taking it to 20%, as it bids to control runaway inflation.
“At its meeting held on 2nd March 2023, the MPC decided to increase the policy rate by 300 basis points to 20%,” it said in a statement, in which it also announced moving the next MPC meeting to April 4 from April 27.
A total of 152,162,654 shares were traded during the day as compared to 167,399,748 shares the previous day, whereas the price of shares stood at Rs.8.150 billion against Rs. 9.282 billion on the last trading day.
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As many as 313 companies transacted their shares in the stock market; 108 of them recorded gains and 182 sustained losses, whereas the share price of 23 companies remained unchanged.
The three top-trading companies were WorldCall Telecom with 12,619,643 shares at Rs.1.27 per share; Hub Power Co. with 11,207,903 shares at Rs.72.04 per share, and Maple Leaf with 7,626,212 shares at Rs.23.81 per share.
Sapphire Tex witnessed a maximum increase of Rs.74.00 per share price, closing at Rs.1,080.00, whereas the runner-up was Mari Petroleum with an Rs.29.46.00 rise in its per share price to Rs.1,469.98.
Unilever Foods witnessed a maximum decrease of Rs.499.00 per share closing at Rs.22,499.00; followed by Nestle Pakistan with Rs.164.22 decline to close at Rs.5,299.78.