Stocks surge 1,529 points amid discussions of circular debt resolution
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A man uses a mobile phone as he takes a photo of the electronic board displaying share prices during a trading session at the Pakistan Stock Exchange, Karachi, Pakistan November 28, 2023. — Reuters
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KARACHI: The Pakistan Stock Exchange (PSX) had shown a huge shortage at the beginning of the session but started the week with mixed emotions, closing the day positively. The benchmark KSE-100 Index added 1,529 points between the reports that the government preferred circular debt resolution.
The Pakistan Stock Exchange (PSX) Benchmark’s SE 100 Index increased by 1,529.17 points, or 1.36 percent, 114,330.10 points, which increased by 112,800.93 points in the final session. The highest index of the day was 114,573.68 points, while the lowest level was recorded at 111,857.34 points.
Topline securities analyst Mazar Millah said the local course started the week on a downturn, with the index low of 943 points. Early misery was caused by concerns over the court’s decision to retain the windfall tax. As the Federal Board of Revenue (FBR), market sentiment remained critical, after the Sindh High Court’s directive, Rs 23 billion was successfully recovered from 16 banks in a single day, from which capital The anxiety of the cars was further strengthened.
However, in the last half of the session, the maize changed, headed by a strong recovery in the E&P sector. The market began to return an impressive recession, which increased by 1,772 points at an intra -day height. He said that the sentiments of investors have improved the information that the government is once again giving priority to the solution of circular debt. Media sources suggest that authorities are searching for various routes to resolve the issue, including a plan to borrow a potential loan of Rs 1.2 trillion from banks, which has the advantage of recent decrease in interest rates. Have been raised. In addition, the government is seeking to finalize the term sheet before the arrival of the IMF mission, which will further strengthen market confidence.
Finally, the bills took control, forcing the index to close the index at 114,330 points to achieve 1,529 points (1.36 percent) in the session. The KSE -30 index increased by 576.17 points or 1.64 percent to 35,036.32 points increased by 35,036.49 points. .
The shares of the trade remained flat against 455.533 million shares against 455.394 million shares. The commercial value increased from Rs 25.888 billion to Rs 21.524 billion. Market Capital increased to Rs 14.104 trillion as compared to Rs 13.958 trillion. Of the 440 companies operating in the session, 176 closed in green, 211 red, and 53 changed.
Arif Habib Corporation analyst, Ahsan Mahani, said, “In a pre -rally in PSX, the stock shut down the head of the board across the board over a strong economic approach after the FM’s signal. [at] Rising remittances, high forex reserves, low inflation and construction industry.
He said that for July John John FY 25 (YOY) for the year (YOY), enthusiastic data on cement exports, governmental consideration of SOE privatization, and review of IMF policy Speculations on the IMF talks on the $ 1 billion climate financing before talks next week, under the Billion 7 billion extended fund facility (EFF), nearby in PSX I Played the role.
The rally was largely driven by FFC, MCB, OGDC, PPL, and UBL, which collectively supported 810 points in the index. On the contrary, HBL, AKBL, NBP, MTL, PSX, and LCI worked as a drag, which removed 189 points from the benefits.
The highest increase was recorded at Unilever Pakistan Foods Limited, which increased to Rs 102.50 to Rs 23,002.50 per share, followed by Abbott Laboratories (Pakistan) Limited, which increased to Rs 557.79 to 1,098.54. The rupee increased. A significant reduction was noted in Nestlé Pakistan Limited, which was reduced by Rs 45.84 to Rs 7,300 per share, Rafan Maize Product Company Limited followed, which fell from Rs 28.58 to Rs 9,365.75 per share. Gone.
AT-Tehrik Limited remained the volume leader with 43.118 million shares, which was less than Rs 3.10 per share. Electric Limited, with 27.220 million shares, followed it, which closed at Rs 4.79 per share by 12 money.
Other important stock stocks include military cement, Ghani Global Glass, Pak Electron, Ultra Energy, Sui South Gas, Maple Leaf, Bank of Punjab and World Calle Telecom. In the next market, 328 companies recorded the trade, of which 171 increased, 151 increased and 151 increased and 151 increased and 151 increased. 6 No change.
