Daily Times

The 100-Index of the Pakistan Stock Exchange (PSX) continued with bullish trend on Friday, gaining 571.75 points, a positive change of 0.61 percent, closing at 94,763.64 points as compared to 94,191.89 points on the last trading day.

A total of 893,170,249 shares were traded during the day as compared to 1,084,344,207 shares the previous trading day, whereas the price of shares stood at Rs 30.811 billion against Rs. 32.680 billion on the last trading day.

As many as 473 companies transacted their shares in the stock market, 204 of them recorded gains and 204 sustained losses, whereas the share price of 65 companies remained unchanged.

The three top trading companies were WorldCall Telecom with 77,999,077 shares at Rs 1.34 per share, Fauji Foods Limited with 70,721,702 shares at Rs 11.61 per share and Hascol Petrol with 55,501,231 shares at Rs.8.24 per share. Unilever Pakistan Foods Limited witnessed a maximum increase of Rs.279.82 per share price, closing at Rs 19,185.00, whereas the runner-up was Pakistan National Shipping Corporation with Rs 29.88 rise in its per share price to Rs 337.99.

Hallmark Company Limited witnessed a maximum decrease of Rs 42.47 per share closing at Rs 720.23 followed by Khyber Textile Mills Limited with Rs 39.19 decline to close at Rs 376.87.

Separately, Global stock markets mostly struggled Friday after US Federal Reserve boss Jerome Powell indicated a slower pace of interest-rate cuts.

European and Asian markets followed a weak lead from Wall Street at the end of a painful week fuelled by worries about another disruptive China-US trade war.

The dollar dipped against its peers after rallying since Trump’s election win last week.

“The post-election rally paused for breath, with the latest Fed comments on the economy stopping the surge in its tracks,” said Richard Hunter, head of markets at Interactive Investor.

In a speech Thursday, Powell said that “the economy is not sending any signals that we need to be in a hurry to lower rates”.

While the central bank is expected to cut interest rates again next month, investors are scaling back their bets on how many cuts will be made next year.

Investors are worried that tax cuts and tariffs planned by US President-elect Donald Trump could reignite inflation.

“The (Trump) administration’s renewed focus on tariffs could weigh heavily on currencies of trade-exposed economies, particularly those in Asia and the eurozone,” said Charu Chanana, chief investment strategist at Saxo Markets.

European stock markets stuttered on Friday, as the European Commission predicted economic growth to pick up slightly and inflation to keep falling in the eurozone next year, but warned of growing risks linked to geopolitical tensions.

London stocks edged up, after official data showed the UK economy grew less than expected in the third quarter, with finance minister Rachel Reeves saying she was “not satisfied” with the latest reading.

In Asia, Shanghai shed 1.5 percent while Tokyo rose even as data showed a slowdown in Japanese economic growth.

China’s retail sales beat expectations, expanding 4.8 percent on-year in October, data showed Friday, lifting hopes for the world’s number two economy. It is also the best performance since February.

The figures provided optimism that the country’s consumers are becoming more confident and follows a slew of measures out of Beijing in recent weeks aimed at kickstarting growth.

“Policymakers will need to continue to provide decisive support to sustain the momentum”, said Erin Xin and Taylor Wang at HSBC Global Research.

Bitcoin sat around $89,000 after striking a record of $93,462 on Wednesday.

Observers have predicted the unit could soon break the $100,000 mark after Trump’s pro-crypto comments during his election campaign.