Bullish Momentum Takes PSX Past 116,000 Points

The 100-Index of the Pakistan Stock Exchange (PSX) witnessed bullish trend on Monday, gaining 663.42 points, a positive change of 0.57 percent, closing at 116,199.59 points as compared to 115,536.17 points on the last trading day. In a note, brokerage house Topline Securities said this performance was influenced by the government’s initiatives to tackle Pakistan’s power circular debt, though the Rs. 1.25 trillion deal is still awaiting final approval. Furthermore, the IMF described the progress of the $7 billion loan program as “strong,” despite the absence of a staff-level agreement, it added. A total of 507,512,741 shares were traded during the day as compared to 360,456,374 shares the previous trading day, whereas the price of shares stood at Rs. 34.105 billion against Rs. 21.039 billion on the last trading day. As many as 448 companies transacted their shares in the stock market, 179 of them recorded gains and 211 sustained losses, whereas the share price of 58 companies remained unchanged. The three top trading companies were Pak Elektron with 48,322,821 shares at Rs. 45.54 per share, Bank of Punjab with 46,581,767 shares at Rs. 11.67 per share and Pak International Bulk with 36,374,070 shares at Rs. 10.18 per share. PIA Holding Company witnessed a maximum increase of Rs. 85.69 per share closing at Rs. 942.61 whereas runner-up was Mari Energies Limited with Rs. 44.32 rise in its share price to close at Rs. 649.98. Unilever Pakistan Foods Limited witnessed a maximum decrease of Rs. 152.99 per share price, closing at Rs. 23,260.01, whereas the runner-up was Colgate Palmolive (Pakistan) Limited with Rs. 35.39 decline in its per share price to Rs. 1,441.87.