PSX Gains 469 Points as Traded Value Hits Highest in Over 7 Years

The 100-Index of the Pakistan Stock Exchange (PSX) gained 469.84 points (or 0.48 percent) on Friday to close at the highest-ever level of 97,798.23 points as compared to 97,328.39 points on the last trading day.    A total of 1,249,092,089 shares were traded during the day as compared to 969,907,357 shares the previous trading day, whereas the price of shares stood at Rs. 45.47 billion against Rs. 35.167 billion on the last trading day.       As many as 449 companies transacted their shares in the stock market, 112 of them recorded gains and 296 sustained losses, whereas the share price of 41 companies remained unchanged.   Topline Securities said that rally was led by banking sector as index gained to make an intraday high of 2,295 points largely on rumor that Pakistan bankers association has tabled removal of MDR on savings deposits for conventional banks.  It also pointed out that some profit taking was observed later during the day as investor’s factored in the fact that aforementioned rumor has not been confirmed by the authorities. Top contribution to the index came from banking sector as MEBL, BAHL, MCB, HBL, BAFL and HMB cumulatively contributed 1,139 points to the index. Traded value wise HBL (Rs. 2.8 billion), PSO (Rs. 2.3 billion), MARI (Rs. 2.1 billion), FFC (Rs. 1.93 billion) and OGDC (Rs. 1.74 billion) dominated the activity, Topline said.  Brokerage House Arif Habib Limited highlighted that the market activity surged to a 7.5-year high, with a traded value of Rs. 45.5 billion ($164 million). This marks the highest activity in the regular market since May 31, 2017, (MSCI reclassification day). Excluding that day, it is the highest traded value recorded since April 11, 2008, nearly 17 years high, AHL said.