Bullish tendency has returned to the Pakistan Stock Exchange (PSX) as shares gained more than 1,200 points in intraday trade on Friday.
Business: Bulls return to trading floor as PSX gains over 1,200 points. The KSE-100 index gained 1272.13, or 1.8 per cent and stand at 71,929.77 points at 4:27pm from the previous close of 70,657.64. Finally, the index closed at 71,902.09, up by 1244.45 points or 1.76pc from the previous close.
Experts say the market is gaining momentum after correction of 3pc during the last 3 days.
Earlier, the United States supports Pakistan’s efforts to stabilise its economy, including through reaching an agreement with the I International Monetary Fund (IMF).
Speaking during a press briefing, US State Department spokesperson Matthew Miller said that the US supports the progress that Pakistan has made to stabilize its economy and manage its daunting debt burden.
The 100-Index of the Pakistan Stock Exchange (PSX) witnessed bearish trend on Thursday, shedding 444.91 points, a negative change of 0.63 percent, closing at 70,657.64 points against 71,102.55 points the previous trading day.
A total of 436,993,041 shares valuing Rs 19.024 billion were traded during the day as compared to 560,552,783 shares valuing Rs 25.730 billion the last day.
Read More: PSX-100 index closes on record 70,910 points
Some 365 companies transacted their shares in the stock market; 103 of them recorded gains and 234 sustained losses, whereas the prices of 28 remained unchanged.
The three top trading companies were K-Electric Limited with 30,103,286 shares at Rs 4.
Read More: PSX reaches new heights after gaining 771.35 points
23 per share, WorldCall Telecom with 25,120,582 shares at Rs1.26 per share and Bank of Punjab with 20,168,992 shares at Rs4.90 per share.
Sapphire Fibres Limited witnessed a maximum increase of Rs 56.42 per share price, closing at Rs 1,479.75, whereas the runner-up was Khyber Tobaco Company Limited with a Rs 20.25 rise in its per share price to Rs 290.29.
Unilever Pakistan Foods Limited witnessed a maximum decrease of Rs 717.85 per share closing at Rs 19,282.15, followed by Hallmrk Company Limited with Rs 86.15 decline to close at Rs 1,062.97.
