Buying Rally Sees PSX Close at Fresh All-Time High

The 100-Index of the Pakistan Stock Exchange (PSX) continued with bullish trend on Thursday, gaining 795.74 points, a positive change of 0.67 percent, closing at 118,769.77 points as compared to 117,974.03 points on the last trading day. Brokerage house Topline Securities highlighted that the market reached record-high levels with a record-high trading value in nearly two months. The benchmark index surged to an intraday high of 1,447 points, before settling at an all-time high. “This strong upward movement was largely driven by aggressive buying from local mutual funds, as investor confidence remained high on expectations of an imminent IMF review, which might be completed earlier than expected,” it said. A total of 667,875,803 shares were traded during the day as compared to 544,200,130 shares the previous trading day, whereas the price of shares stood at Rs. 38.525 billion against Rs. 32.310 billion on the last trading day. As many as 442 companies transacted their shares in the stock market, 205 of them recorded gains and 176 sustained losses, whereas the share price of 61 companies remained unchanged. MARI recorded Rs. 7.17 billion in traded value, as investors speculated on a potential announcement in its emergent board meeting scheduled for tomorrow, Topline said.