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A person can be seen in the Pakistan Stock Exchange (PSX) in this undated photo. —AFP/File
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KARACHI: The Pakistan Stock Exchange (PSX) on Wednesday extended its rapid run for the fifth straight session, in which the KSE-100 index increased to reach a new time to increase 973 points. The rally was fueled by strong institutional procurement and hopefulness around progress on the solution of circular loans, which further enhanced investors’ confidence.
The KSE -100 index increased by 972.94 points, or 0.83 percent, which reached 117,974.03 points, which increased by 117,001.09 points in the last session. The highest index of the day was 118,243.63 points, while the lowest level was recorded at 116,882.8 points.
Arif Habib Corporation analyst, Ahsan Mahani said that the stocks between the potential resolution of Pakistan’s power sector circular loan were shut down, which is currently Rs 1.5 trillion, after which the International Monetary Fund (IMF) is likely to approve the Pakistan Government’s circular loan, but it is likely to manage the government. [to address the circular debt, the government plans to raise Rs1.25 trillion from commercial banks, possibly through loans or bond issuance].
He added that global crude oil prices and expectations more globally played in PSX, he added.
The KSE -30 index increased by 361.4 points by 1.0 percent to 36,495.64 points against 36,134.24 points.
Shares of trade increased by 95 million shares to 449.484 million shares compared to 544.2 million shares. The commercial value increased from Rs 29.178 billion to Rs 32.31 billion. The market capitalization increased against Rs 14.355 trillion against Rs 14.266 trillion. Of the 449 companies operating in the session, 221 were closed in green, 157 red and 71 changed.
Naveed Nadeem, analyst in Topline Securities, said that the KSE -100 index targeted a record high of 117,974 points, an increase of 973 points (0.83 percent). The market continued its top speed, which led to a strong buying activity from local companies, increased by 118,244 points during the day.
The rally was primarily driven by Hub Sea, Mari, Engrooh, Sis and PPL, which joined the index with 551 points. On the other hand, the FFC, the Effect, and the pool pressed down the bottom, which pulled the index below 54 points.
The highest increase was recorded in Existide Pakistan Limited, which increased to Rs 74.83 to Rs 823.10 per share, followed by Mectic International Limited, which increased to Rs 36.71 to Rs 403.77 per share. Unilever Pakistan Foods Limited noted a significant reduction, which was reduced by Rs 82.50 to Rs 23,400 per share. Nestlé Pakistan Limited followed it, which dropped from Rs 64.84 to Rs 7,402.33 per share.
JS Global analyst Mohammad Hassan Athar said that the bills dominated the commercial destination as the benchmark index was managed to close upwards for a high -level session at a high level at a high level, headed by the oil and gas, electricity and fertilizer sector.
“This continuity of rapid activities was mainly attributed to the approval of the circular loan and the approval of the IMF program,” he said. “We are still positive in the market and advise investors to adopt a ‘buy on dips’ strategies.
Pak -Bulk remained the volume leader with 52.151 million shares, which closed at Rs 11.05 per share, more than 39 bucks. Pure Electron, with 36.133 million shares, followed it, which closed more than Rs 3.19.
Other important stocks of business include World Call Telecom, Military Cement, TRG Pak Limited, Bo Punjab XD, Hub Power Company XD, Hospital Petrol, Treatment Corporation and Image Pakistan.
In the futures market, 315 companies recorded trade, of which 208 increased, 102 declined and five remained.
