Shares at the Pakistan Stock Exchange (PSX) rallied past the 48,000 mark Thursday to a 24-month high on positive cues, with market experts expecting the momentum to continue.
Bulls took over the market after Pakistan’s deal with the International Monetary Fund (IMF), and later, news on the country’s mineral sector strengthened the gains further.
The benchmark trade increased by 957.60 points or 2.03% to close at 48,034.59 points on Monday, data showed, up from the previous close of 47,076.9 points — a 21-month high.
The market has gained more than 6,582 points (15.9%) since Pakistan’s staff-level agreement with the IMF for a $3 billion Standby Agreement.
Under the Special Investment Facilitation Council (SIFC), the government is also holding a Pakistan Mineral Summit regarding Reko Diq and other mines and mineral projects, beginning August 1, seeking foreign investment.
Speaking to media, Pakistan-Kuwait Investment Company’s Head of Research Samiullah Tariq attributed the expected investment in minerals as a “major” contributor to the market’s rise.
“Major factor is optimism regarding investment in minerals; positive expectations of investment in other ventures/sectors as a spillover of investment in mining,” he said.
Shares of 358 companies were traded during the session. At the close of trading, 188 scrips closed in the green, 144 in the red, and 26 remained unchanged.
Worldcall Telecom Limited was the volume leader with 49.33 million shares traded, losing Rs0.03 to close at Rs1.36. It was followed by K-Electric Limited with 39.44 million shares traded, gaining Rs0.12 to close at Rs2.42 and Cynergico PK Limited with 32.41 million shares gaining Rs0.13 to close at Rs3.48.
