Bulls took charge at the stock market on Thursday, driven by sustained market momentum, improving economic indicators, and easing regional tensions, all contributing to investor confidence across multiple sectors.
The 100-Index of the Pakistan stock exchange (PSX) turned around to bullish trend, gaining 1,425.39 points, a positive change of 1.20 percent, closing at 119,961.91 points as compared to 118,536.53 points on the last trading day.
A total of 698,965,992 shares were traded during the day as compared to 609,063,142 shares the previous trading day, whereas the price of shares stood at Rs39.089 billion against Rs41.913 billion on the last trading day.
As many as 458 companies transacted their shares in the stock market, 312 of them recorded gains and 107 sustained losses, whereas the share price of 39 companies remained unchanged.
The three top trading companies were Pakistan Refinery with 50,818,876 shares at Rs 33.82 per share, Cnergyico PK with 47,570,881 shares at Rs 7.85 per share and K-Electric Ltd. with 40,246,546 shares at Rs 4.45 per share.
PIA Holding Company LimitedB witnessed a maximum increase of Rs 1,029.56 per share closing at Rs 11,325.15 whereas runner-up was Rafhan Maize Products Company Limited with Rs 209.99 rise in its share price to close at Rs 9,201.27.
Hoechst Pakistan Limited witnessed a maximum decrease of Rs 104.90 per share price, closing at Rs 3,155.10, whereas the runner-up was Bata Pakistan Limited with Rs 46.18 decline in its per share price to Rs 1,550.00.
On Wednesday evening, the State Bank of Pakistan (SBP) confirmed receipt of the second IMF tranche of $1.023 billion, under the Extended Fund Facility (EFF). The inflow will be reflected in the country’s reserves for the week ending May 16.
International financial media has also taken note of Pakistan’s turnaround. US publication Barron cited a “macroeconomic miracle,” pointing out that inflation had dropped from nearly 40% to near zero, Eurobond prices had doubled, and the KSE-100 Index had tripled over two years, even amid tensions with India.