PSX Climbs 491 Points Amid IMF Optimism High Trading Volumes Boost Market

A total of 770,518,958 shares were traded during the day as compared to 969,768,756 shares the previous day, whereas the price of shares stood at Rs 14.287 billion against Rs 17.510 billion on the last trading day.

As many as 444 companies transacted their shares in the stock market, 148 of them recorded gains and 252 sustained losses, whereas the share price of 44 companies remained unchanged.

It is worth noting here that, the KSE-100 index of the PSX on Wednesday climbed up by 491 points, a positive change of 0.63 percent before closing at 78,890 after reaching an intraday high of 534 points.

This positive momentum followed the Finance Minister’s remarks that the International Monetary Fund’s (IMF) $7 billion extended fund facility (EFF) approval is on track, said Topline Securities. With Pakistan nearing assurances on external financing key stocks, including MARI, OGDC, EFERT, LUCK, and BAHL, drove the market’s rise, contributing 290 points to the index.

Trading was robust, with 969 million shares changing hands, amounting to Rs 17.5 billion. WTL led the volume with 234 million shares traded, according to the brokerage house.

The index opened on a positive note and remained volatile throughout the last trading session, according to AKD Research. The local bourse posted a high of 362 points, and a low of 32 points and concluded with a gain of 73 points to settle at 78,890 points.

Pakistan Stock closed bullish amid speculations on rate cuts in the State Bank of Pakistan SBP policy announcement on September 12 after consumer price index (CPI) Inflation stood at 9.6 percent for August 2024.