KARACHI (Dunya News) – The Pakistan Stock Exchange (PSX) extended its positive momentum on Wednesday as it has crossed another historic milestone amid rising investor confidence on government policies.
During intraday trading, the KSE-100 index has crossed the 151,000 mark for the first time after gaining 1243.88 points.
The rally is buoyed of Fitch Ratings’ positive outlook on Pakistan’s banking sector and an upgrade by Moody’s Ratings.
A day earlier, the benchmark index continued with bullish trend on Tuesday, gaining 1,574.32 points, a positive change of 1.06 percent, closing at 149,770.75 points.
A total of 809,082,439 shares worth Rs 48.430 billion were traded during the day.
As many as 483 companies transacted their shares in the stock market, 265 of them recorded gains and 194 sustained losses, whereas the share price of 24 companies remained unchanged.
The three top trading companies were WorldCall Telecom with 52,322,337 shares at Rs 1.45 per share, Bank of Punjab with 46,060,189 shares at Rs14.76 per share and Fauji Cement with 43,732,087 shares at Rs 53.48 per share.
Bhanero Textile Mills Limited witnessed a maximum increase of Rs 92.78 per share price, closing at Rs 1,020.56, whereas the runner-up was The Thal Industries Corporation Limited with Rs53.85 rise in its per share price to Rs 623.85.
PM Expresses Satisfaction
Prime Minister Muhammad Shehbaz Sharif on Tuesday expressed satisfaction over the performance of the Pakistan Stock Exchange (PSX), as the benchmark KSE-100 Index surged past the historic 150,000-point milestone.
In a statement issued by the Prime Minister’s Office, Shehbaz Sharif said the bullish trend in the stock market was a strong reflection of investor confidence in the government’s economic policies.
By the grace of Allah, economic improvement has restored the confidence of investors and the business community, the prime minister said adding that the country was on the path to progress. However, he stressed that more hard work was required.
He said the economic team worked tirelessly day and night to steer the economy out of difficulties.
The investors and business community continued economic activities in Pakistan even during tough times, which is commendable, PM Shehbaz added.
He hoped that with the growth of business and increase in investment in the country, more employment opportunities would also be created.