PSX Gains Nearly 500 Points to Close at Record High

The 100-Index of the Pakistan Stock Exchange (PSX) gained 499.05 points to close at 92,520.49 points on Thursday, registering a new record high in the process.  A total of 678,788,064 shares were traded during the day as compared to 889,166,479 shares the previous trading day, whereas the price of shares stood at Rs 24.827 billion against Rs. 30.474 billion on the last trading day.   As many as 449 companies transacted their shares in the stock market, 257 of them recorded gains and 145 sustained losses, whereas the share price of 47 companies remained unchanged.  In a brief note, brokerage house Topline Securities said the rally was driven by the recent Ijara Sukuk auction where the cut-off yield on 1-year Sukuk fell to 10.99 percent, signaling a potential yield decline across all tenors in the upcoming T-bills and PIBs auction.  It further mentioned that following the prime minister’s recent visit to Saudi Arabia, a delegation led by the Power Minister has been dispatched, with anticipated announcements of new Saudi investments, including Reko Diq as a likely flagship project. This development sparked investor interest in OGDC and PPL, it added.