PSX among best performers globally in 2024: Bloomberg
psx
ISLAMABAD: (Web Desk) Bloomberg has declared the Pakistan Stock Exchange (PSX) one of the best performers globally this year.

 The Bloomberg report says, “Pakistan’s stock market has been one of the best performers globally this year, buoyed by improving economic outlook and a crucial initial loan deal with the International Monetary Fund in July.”

The gauge has risen more than 30% this year, aided by foreign investors’ net purchases of $87 million in local shares, the highest since 2014, the Bloomberg  reported revealed.

Pakistan’s current account balance has improved in recent months, and the the State Bank of Pakistan has slashed interest rates as inflation is easing, according to the report.

Stocks in Pakistan closed near their record high on Thursday as robust foreign inflows and improving macro-economic indicators boosted sentiment.

Pakistan Stock Exchange’s benchmark KSE-100 index gained 1.1% to close just shy of the previous record of 81,865.10, after touching a new high earlier in the day.

On Thursday, the PSX continued with bullish trend on Thursday as its benchmark KSE-100 Index appreciated another 997.95 points.

As a result of the positive change of 1.24 percent, the index closed at 81,459.29 points against 80,461.34 points on the last working day.

As per data available at the PSX website, as many as 459,037,985 shares were traded during the day as compared to 400,195,963 shares the previous day, whereas the price of shares stood at Rs 18.610 billion against Rs. 15.904 billion on the last trading day.

A total of 469 companies transacted their shares in the stock market, 145 of them recorded gains and 239 sustained losses, whereas the share price of 85 companies remained unchanged, the data revealed.

As per the PSX report, the three top trading companies were Kohinoor Spinning with 35,184,576 shares at Rs 8.01 per share, K-Electric Limited with 23,819,654 shares at Rs 3.99 per share and WorldCall Telecom with 22,930,170 shares at Rs 1.33 per share.

The stock market noted that Unilever Pakistan Foods Limited witnessed a maximum increase of Rs141.10 per share price, closing at Rs17,508.33 , whereas the runner-up was Luck Cement Industries Limited with Rs60.73 rise in its per share price to Rs1,075.91.

The bourse maintained that Hallmark Company Limited witnessed a maximum decrease of Rs 77.07 per share closing at Rs 822.91 followed by Siemens (Pakistan) Engineering with Rs 46.55 decline to close at Rs 479.57.