KARACHI: The Pakistan Stock Exchange (PSX) maintained its bullish trend, reaching another all-time high on Friday amid cementing investor confidence and positive macroeconomic outlook.
During intraday trading, the KSE-100 index gained 690 points to climb to fresh high of 146,378 points as compared to previous close of 145,647.13 points.
A day earlier, the benchmark index also recorded bullish trend, gaining 558.64 more points, a positive of 0.39 percent, closing at 145,647.14 points against 145,088.50 points last trading day.
A total of 712,527,450 shares were traded during the day as compared to 788,463,721 shares the previous trading day, whereas the price of shares stood at Rs 55.677 billion against Rs 52.780 billion on the last trading day.
As many as 483 companies transacted their shares in the stock market, 221 of them recorded gains and 235 sustained losses, whereas the share price of 27 companies remained unchanged.
The federal government’s decision to withdraw the controversial powers granted to the Federal Board of Revenue for arrest of traders has boosting the confidence of the business community.
Section 37A of the Finance Act has been amended, and now, no trader can be arrested without prior consultation with business stakeholders.
It is recalled that 18 Chambers of Commerce across the country had raised concerns over the arrest of businessmen during a meeting with Field Marshal Asim Munir. In response, assurances were given that proper safeguards would be ensured before any such action.
On the other hand, the value of the dollar has decreased against the rupee. According to the Exchange Companies Association, after a decrease of 10 paisas, the dollar has reached Rs282.46 in the interbank market.
