Daily Times

The 100-Index of the Pakistan Stock Exchange (PSX) continued with bullish trend on Friday, gaining 615.16 more points, a positive change of 0.76 percent, closing at 82,074.45 points against 81,459.29 points on the last working day. A total of 482,373,803 shares were traded during the day as compared to 459,037,985 shares the previous day, whereas the price of shares stood at Rs 30.188 billion against Rs. 18.610 billion on the last trading day.

As many as 453 companies transacted their shares in the stock market, 195 of them recorded gains and 196 sustained losses, whereas the share price of 62 companies remained unchanged.

The three top trading companies were First Capital Securities with 31,588,613 shares at Rs2.76 per share, Oil and Gas Development with 29,408,063 shares at Rs 141.29 per share and Fauji Fertilizer Bin Qasim with 28,625,529 shares at Rs 44.36 per share. Unilever Pakistan Foods Limited witnessed a maximum increase of Rs 107.92 per share price, closing at Rs 17,616.25, whereas the runner-up was Service Industries Limited with Rs 67.09 rise in its per share price to Rs 1,149.79.

Ismail Industries Limited witnessed a maximum decrease of Rs 31.79 per share closing at Rs 1,625.94 followed by ZIL Limited with Rs 23.53 decline to close at Rs 215.70.

Bloomberg

The Pakistan Stock Market (PSX) has been one of the best performers globally this year, according to Bloomberg report.

“Pakistan’s stock market has been one of the best performers globally this year, buoyed by improving economic outlook and a crucial initial loan deal with the International Monetary Fund in July,” says the report.

The gauge has risen more than 30% this year, aided by foreign investors’ net purchases of $87 million in local shares, the highest since 2014, data compiled by Bloomberg showed.

According to the report, the nation’s current account balance has improved in recent months, and the central bank has slashed interest rates as inflation is easing.

Stocks in Pakistan closed near their record high on Thursday as robust foreign inflows and improving macro-economic indicators boosted sentiment.

Pakistan Stock Exchange’s benchmark KSE-100 index gained 1.1% to close just shy of the previous record of 81,865.10, after touching a new high earlier in the day.

Asian markets built Friday on the latest global rally after a jumbo US interest rate cut this week, while the yen edged up after the Bank of Japan decided against another hike.

Traders have been put in a bullish mood by the Federal Reserve’s decision to go big on its first reduction since the start of the Covid pandemic – opting for 50 basis points instead of 25 – and pledging more would come.

There had been fears the move could signal officials were worried about the economy and were behind the curve in easing policy, but data Thursday showing jobless claims at their lowest since May suggested it was heading for a soft landing, rather than recession.

After a muted initial reaction to the Fed cut, Wall Street bounded higher Thursday, with the S&P 500 and Dow hitting new records and the Nasdaq piling on more than two percent. Asia continued the run, extending the previous day’s advances. Tokyo jumped more than two percent, matching Thursday’s performance, thanks to a weaker yen, while Hong Kong was more than one percent higher, with Sydney, Seoul, Taipei and Manila also enjoying strong buying.

Shanghai dipped after China’s central bank decided against lowering interest rates despite ongoing worries about the economy.

Singapore and Jakarta also fell.

With the Fed out the way, attention turned to the Bank of Japan as it wound up its own policy meeting by keeping borrowing costs on hold.

The move had been widely expected after a hike at its previous gathering, but investors will now be poring over the bank’s statement and comments from boss Kazuo Ueda hoping for guidance on its near-term plans.

The BoJ began to move away from its long-running policy of ultra-low rates in March – the first increase in 17 years – but a second increase in July sent shockwaves through markets. The move sparked a surge in the yen as investors unwound their so-called carry trade in which they used the cheap currency to buy higher yielding assets such as stocks.