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.
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.
Meanwhile, Prime Minister Shehbaz Sharif extended felicitations to the nation as the KSE-100 index crossed the 90,000-point mark.
He attributed this significant achievement to the relentless efforts of his administration’s economic team and stated it as a marker of investor confidence in the government’s economic policies.
In a statement, the PM commended the economic team for orchestrating a 36% surge in the stock market since March and for helping reduce inflation from 38% to 6.9%. He highlighted recent economic stability, pointing to increased remittances and a surplus in the current account for the past two months.
Remittances from Pakistanis abroad reached a record $8.8 billion in the last quarter, supporting the balance of payments and reinforcing financial resilience, he noted. The PM also cited the forthcoming $7 billion facility from the International Monetary Fund (IMF) as a stabilising factor for Pakistan’s economy, assuring the public that these indicators represent a turnaround from the economic challenges faced previously.
“The positive economic indicators have dispelled the narrative of imminent default,” he said, expressing satisfaction with the progress on multiple fronts and promising further positive developments for the economy in the coming days.
PM Shehbaz said that his administration remains committed to steering the country away from economic distress, calling this progress a testament to his government’s focus on fiscal responsibility and investor trust.
