The Pakistan Stock Exchange (PSX) rallied to a new all-time high on Wednesday with authorities edging closer to a new deal with the International Monetary Fund and the privatization of Pakistan International Airlines (PIA).
After opening trade at 65,906 points, the benchmark KSE-100 index went up by 1.06 percent or 701 points at 1:25 PM to a new high of 66,607.
The benchmark index closed at 66,547, surpassing its previous highest level of 66,427 points.
The KMI 30 index gathered 1,004 points settling at 111,665, while the KSE All share index surged by 390 points to close at 44,075.
CEO Topline Securities Muhammed Sohail told ProPakistani, “Good progress on privatization and likely new deal with IMF helping benchmark KSE 100 index reaching close to all-time high closing of 66427 see in December 2023. Moreover, foreign fund buying as shown by NCCPL data also supports share prices, which are trading at an attractive PE of less than 4”.
He added, “Pakistan market is now the Best Performing market with the highest gain in the last 6 months”.
Top Volumes
The highest participation was witnessed in Lotte Chemical Pakistan Limited (PSX: LOTCHEM) with over 38.7 million shares traded, followed by Telecard Limited (PSX: TELE) and Pakistan Telecommunication Company Ltd (PSX: PTC). The scrips had 29.1 million shares and 24.7 million shares traded, respectively.
| SCRIP | PRICE | HIGH | LOW | CHANGE | VOLUME |
|---|---|---|---|---|---|
| LOTCHEM | 19.44 | 19.95 | 18.9 | 0.55 | 42,830,726 |
| TELE | 9.42 | 9.44 | 8.4 | 0.75 | 29,177,024 |
| PTC | 17.31 | 17.31 | 16.21 | 1.21 | 24,701,735 |
| TOMCL | 33.23 | 33.23 | 31.5 | 2.21 | 18,792,000 |
| HASCOL | 7.84 | 8.13 | 7.81 | -0.02 | 16,036,000 |
| TRG | 70.05 | 70.9 | 69.01 | -0.08 | 14,931,452 |
| AGL | 27.04 | 27.04 | 24.0 | 1.89 | 11,634,000 |
Bubble or reality. Political situation turbulent. Relationship with all the neighbors not peaceful. Confrontation going on all fronts. Terrorism at its peak. Daily attacks on forces and installations of country by terrorists. Five Chinese workers are killed on working on Dasu project. US not on our side to start work on Iranian gas pipe line, continuation with CPec projects.
Scandal daily emerging against PML(N).
How will we get new IMF program without support from US? Stock Exchange index rising, let it keep on rising.