Karachi October 26 2024: Continuing with positive sentiments, the 100-Index of the Pakistan Stock Exchange (PSX) remained on bullish trend on fifth consecutive day and crossed another milestone by reaching a historic level of 89,993.97 points on Friday.
Overall the index gained 1,047.98 points, showing a positive change of 1.18 percent when compared to last day’s trading of compared to 88,945.99 points.
“Market remained strong throughout the week, with KSE-100 index reaching its highest-ever closing, just shy of the 89k mark, closing at 89,994pts, up by 5.6%WoW. This marked the highest weekly return in 27 weeks and 47th highest weekly return since the index’s inception” states AKD Securities in a research note.
“Mutual Funds and Other Organization were among the major buyers during the week” states AKD Securities research note.
“The KSE-30 Index, a price return index reflecting the free float market capitalization of the top 30 stocks, has achieved a remarkable milestone by surpassing its previous all-time high of 28,173 points set in 2017. Today, it has reached a new peak of 28,395 points” writes Shahid Habib CEO AHL Securities on social media.
“This impressive growth can be attributed to improving macroeconomic environment, declining interest rate trend, influx of domestic liquidity, and attractive valuations. Together, these elements have significantly bolstered investor confidence in the market” shahid states.
A total of 695,544,676 shares were traded during the day as compared to 757,648,007 shares the previous trading day, whereas the price of shares stood at Rs 37.873 billion against Rs. 36.047 billion on the last trading day.
As many as 457 companies transacted their shares in the stock market, 181 of them recorded gains and 222 sustained losses, whereas the share price of 54 companies remained unchanged.
The three top trading companies were Fauji Foods Limited with 57,561,820 shares at Rs 10.01 per share, K-Electric Limited with 41,399,129 shares at Rs 4.58 per share and Sui South Gas with 38,036,205 shares at Rs 11.98 per share.
Rafhan Maize Products Company Limited witnessed a maximum increase of Rs.371.44 per share price, closing at Rs 7,400.00, whereas the runner-up was Unilever Pakistan Foods Limited with Rs 229.44 rise in its per share price to Rs 18,685.00.
Sapphire Textile Mills Limited witnessed a maximum decrease of Rs 73.47 per share closing at Rs 1,101.53 followed by Nestle Pakistan Limited with Rs 59.84 decline to close at Rs 6,565.12.
