Optimism Over Smooth IMF Review Sees PSX Gain Over 1,000 Points

The 100-Index of the Pakistan Stock Exchange (PSX) turned around to bullish trend on Thursday, gaining 1,009.70 points, a positive change of 0.89 percent, closing at 115,094.24 points as compared to 114,084.54 points on the last trading day. In a note, brokerage house Topline Securities said that the positive momentum was largely driven by growing investor confidence that the ongoing review with the International Monetary Fund (IMF) will conclude smoothly. This sentiment acted as a key catalyst, encouraging aggressive buying across major sectors, it added. A total of 382,791,629 shares were traded during the day as compared to 299,630,187 shares the previous trading day, whereas the price of shares stood at Rs. 25.407 billion against Rs. 20.262 billion on the last trading day. As many as 444 companies transacted their shares in the stock market, 232 of them recorded gains and 156 sustained losses, whereas the share price of 56 companies remained unchanged. The three top trading companies were Bank of Punjab with 48,802,683 shares at Rs. 13.45 per share, Barkat Frisian Agro with 24,680,233 shares at Rs. 28.40 per share and Fauji Cement with 19,660,929 shares at Rs. 45.29 per share. Hoechst Pakistan Limited witnessed a maximum increase of Rs. 85.30 per share closing at Rs. 3,199.88 whereas runner-up was PIA Holding Company Limited with Rs. 64.22 rise in its share price to close at Rs. 928.47. Unilever Pakistan Foods Limited  witnessed a maximum decrease of Rs. 122.40 per share price, closing at Rs. 23,217.20, whereas the runner-up was Services Industries Limited with Rs. 36.15 decline in its per share price to Rs. 1,383.77.