PSX turns around to bullish trend, gains 499 points

Author: Agencies

The 100-Index of the Pakistan Stock Exchange (PSX) turned around to bullish trend on Thursday, gaining 499.05 points, a positive change of 0.54 percent, closing at 92,520.49 points as compared to 92,021.44 points on the last trading day.

A total of 678,788,064 shares were traded during the day as compared to 889,166,479 shares the previous trading day, whereas the price of shares stood at Rs 24.827 billion against Rs. 30.474 billion on the last trading day.

As many as 449 companies transacted their shares in the stock market, 257 of them recorded gains and 145 sustained losses, whereas the share price of 47 companies remained unchanged. The three top trading companies were Bank of Punjab with 62,920,538 shares at Rs 6.57 per share, Kohinoor Spinning with 46,527,930 shares at Rs 7.83 per share and K-Electric Limited with 34,718,470 shares at Rs.4.80 per share.

Unilever Pakistan Foods Limited witnessed a maximum increase of Rs.86.32 per share price, closing at Rs 8,986.99, whereas the runner-up was Hoechst Pakistan Limited with Rs 48.07 rise in its per share price to Rs 2,401.07. Rafhan Maize Products Company Limited witnessed a maximum decrease of Rs 101.45 per share closing at Rs 7,305.21 followed by Bhanero Textile Mills Limited with Rs 50.09 decline to close at Rs 782.05.

Trump 2.0: Major stock markets mostly rose Thursday following Donald Trump’s election win that is set to see the returning president unveil US tax cuts and import tariffs.

The dollar retreated having surged Wednesday on news of Trump’s win, while bitcoin came off record highs. Focus was also on interest-rate decisions, with the US Federal Reserve and Bank of England (BoE) set to announce fresh cuts Thursday after big drops to inflation.

Ahead of the decisions, Sweden’s central bank slashed borrowing costs by 0.5 basis points — its biggest reduction in a decade — while Norway made no change.

“All eyes will now turn to interest rate decisions from the Bank of England… and the Federal Reserve,” noted Derren Nathan, head of equity research at Hargreaves Lansdown.

Analyst Joshua Mahony at Scope Markets said that “with markets largely deeming a Trump presidency as inflationary, we are already seeking a more cautious (US) rate-cut trajectory being priced in by markets”.

The London stock market steadied before the BoE decision, with Frankfurt Europe’s standout performer in late morning deals thanks to a gain of 1.1 percent.

In Europe’s biggest economy Germany, the conservative opposition heaped pressure on Chancellor Olaf Scholz’s crisis-hit government Thursday to allow for speedy elections by calling a confidence vote next week rather than in 2025. Christian Democrats chief Friedrich Merz made the demand after Scholz’s three-party coalition imploded Wednesday, as finance minister Christian Lindner from the pro-business Free Democrats was sacked.

He will be replaced by Joerg Kukies, a member of Scholz’s Social Democrats, government sources told AFP. In Asia on Thursday, Chinese stocks rallied as investors brushed off concerns that China in particular would be the target of Trump’s tariffs.

Wall Street stocks surged to all-time records Wednesday after it emerged the tycoon would return to the White House having beaten Democrat Kamala Harris. His Republican Party gained control of the Senate and looked set to hold the House of Representatives.

The decisive win is expected to pave the way for a series of business-friendly measures such as tax cuts and deregulation, though analysts warn that such moves — along with the pledge to impose duties on imports — could relight inflation.

The prospect of higher inflationary pressure could complicate matters for Fed boss Jerome Powell. The central bank is expected to announce a 25 basis-point reduction to US rates Thursday, but there are now questions over the chances of another next month, and the outlook for the new year. The BoE is also expected to cut its rate by a quarter-point after UK annual inflation fell below the central bank’s target.

Bitcoin traded close to $75,000, having touched a new high close to $76,475 Wednesday. Ahead of his election win, Trump pledged to make the United States the “bitcoin and cryptocurrency capital of the world”.

Share
Leave a Comment

Recent Posts

  • Fashion

‘Collectibles’ by Sonraj hosts star-studded event to celebrate OMEGA’s legacy of precision and luxury

Karachi, 23 December 2024 – Sonraj hosted a star-studded event to celebrate legacy of OMEGA,…

7 hours ago
  • Op-Ed

Pakistan’s health system faces mounting challenges

Pakistan’s healthcare system is grappling with persistent challenges, leaving millions of citizens without adequate access…

10 hours ago
  • Top Stories

ICJ weighs States’ responsibility for climate change, ‘future of our planet’

The International Court of Justice (ICJ) held historic hearings from December 2 to 13 addressing…

10 hours ago
  • Pakistan

New undersea cable set to ‘enhance’ Pakistan’s internet speed

A new undersea internet cable is being installed, promising to significantly enhance internet speed and…

10 hours ago
  • Editorial

Becoming Footnotes

Until a few months ago, we were worried about being conveniently left out of a…

12 hours ago
  • Cartoons

TODAY’S CARTOON

12 hours ago