Bulls Maintain Hold as PSX Gains 801 Points

The 100-Index of the Pakistan Stock Exchange (PSX) continued with bullish trend on Tuesday, gaining 801.50 points, a positive change of 0.69 percent, closing at 117,001.09 points as compared to 116,199.59 points on the last trading day. In a note, brokerage house Topline Securities said that the positive sentiment was largely driven by encouraging economic developments. Investor confidence was further lifted as the IMF shared a draft of the Memorandum of Economic and Financial Policies (MEFP) with Pakistani authorities, marking progress toward a staff-level agreement under the $7 billion Extended Fund Facility (EFF). This reinforced hopes for sustained financial support and economic stability, it added. A total of 449,484,737 shares were traded during the day as compared to 507,512,741 shares the previous trading day, whereas the price of shares stood at Rs. 29.178 billion against Rs. 34.105 billion on the last trading day. As many as 447 companies transacted their shares in the stock market, 206 of them recorded gains and 180 sustained losses, whereas the share price of 61 companies remained unchanged. The three top trading companies were Pak International Bulk with 59,131,134 shares at Rs. 10.66 per share, Bank of Punjab with 36,470,727 shares at Rs11.82 per share and Fauji Cement with 24,985,777 shares at Rs. 46.38 per share. Unilever Pakistan Foods Limited witnessed a maximum increase of Rs. 222.49 per share closing at Rs. 23,482.50 whereas runner-up was Nestle Pakistan Limited with Rs. 117.17 rise in its share price to close at Rs. 7,647.17. Philip Morris (Pakistan) Limited  witnessed a maximum decrease of Rs. 24.39 per share price, closing at Rs. 659.64, whereas the runner-up was PIA Holding Company LimitedB with Rs. 21.74 decline in its per share price to Rs. 920.87.