PSX shares edge up on optimism for new IMF deal
The 100-index of the Pakistan Stock Exchange (PSX) witnessed bullish trend on Monday, gaining 379.37 points, a positive change of 0.48 percent, closing at 78,824.33 points against 78,444.96points on the last working day.
A total of 306,038,889 shares were traded during the day as compared to 347,671,672 shares the previous day, whereas the price of shares stood at Rs 13.746 billion against Rs 11.899 billion on the last trading day.
As many as 425 companies transacted their shares in the stock market, 183 of them recorded gains and 186 sustained losses, whereas the share price of 56 companies remained unchanged.
The three top trading companies were PTCL with 30,206,071 shares at Rs 12.65 per share, World Call Telecoms with 17,351,472 shares at Rs 1.25 per share and Faysal Bank with 13,622,199 shares at Rs54.47 per share.
Pakistan Tobacco Company Limited witnessed a maximum increase of Rs 89.71 per share price, closing at Rs 1,169.14, whereas the runner-up was Ismail Industries Limited with a Rs 53.59 rise in its per share price to Rs 1,004.42.
Unilever Pakistan Foods Limited witnessed a maximum decrease of Rs 180.60 per share closing at Rs 18,316.00, followed by Nestle Pakistan Limited with a Rs 153.22 decline to close at Rs 7,000.95.
Mohammed Sohail, chief executive of Topline Securities, said that investors were “building new positions amid expectations of lower CPI (Consumer Price Index) reading”.
Moreover, he said that it was also expected that the International Monetary Fund (IMF) staff-level agreement (SLA) “will be reached soon after passing of tax-laden budget”.
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