PSX Pakistan Stock Exchange functions normally in challenging circumstances

PSX Summary February 29th, 2024: Market gains 875 points

In a remarkable turn of events, the Pakistan Stock Exchange (PSX) witnessed a robust bullish trend on Thursday, with the 100-index gaining an impressive 875.07 points. This positive change of 1.37 percent propelled the index to a closing figure of 64,578.52 points, outshining the previous day’s closing at 63,703.45 points.

Trading activities were vibrant, with a total of 424,043,562 shares changing hands, valued at Rs17.053 billion. While the volume was slightly lower than the previous day, the value of shares traded showcased an increase from Rs16.000 billion.

A noteworthy aspect of the day’s trading was the participation of 364 companies in the stock market. Among them, 188 recorded gains, 161 sustained losses, and the share prices of 15 remained unchanged, reflecting a diverse and dynamic market.

The three leading companies in terms of trading volume were K-Electric Limited, transacting 54,958,235 shares at Rs.4.90 per share, followed by Hascol Petrol with 31,867,000 shares at Rs 8.01 per share, and Kohinoor Spinning, exchanging 19,820,000 shares at Rs 4.69 per share.

Among the standout performers, Pakistan Services Limited witnessed an impressive increase of Rs 52.18 per share, closing at Rs 792.18. Millat Tractors Limited secured the runner-up position with a Rs 42.27 rise in its per share price, reaching Rs 605.90.

However, Bata Pakistan Limited experienced a notable decrease of Rs 33.00 per share, closing at Rs 1,667.00. Reliance Cotton Spinning Mills Limited followed suit with a decline of Rs 31.45, concluding the day at Rs 460.55 per share.

The day’s trading not only marked substantial gains for the PSX but also showcased the resilience and dynamism of the Pakistani stock market, with a mix of companies experiencing notable increases and decreases in their share prices. Investors continue to navigate this fluctuating yet promising landscape, anticipating further opportunities and challenges in the days to come.

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