The Pakistan Stock Exchange’s (PSX) benchmark index saw a bullish trend on Tuesday, gaining 447.90 points, a positive change of 0.57 per cent.
According to the PSX website, the KSE-100 index closed at 78,987.09 points against 78,539.19 points on the last working day.
A total of 316,245,462 shares were traded during the day as compared to 375,599,184 shares the previous day, whereas the price of shares stood at Rs17.074 billion against Rs19.350 billion on the last trading day.
As many as 433 companies transacted their shares in the stock market, 225 of them recorded gains and 164 sustained losses, whereas the share price of 44 companies remained unchanged.
The three top trading companies were PIA Holding Company with 22,079,450 shares at Rs15.63 per share, Pak Elektron with 19,793,659 shares at Rs26.26 per share and WorldCall Telecom with 19,515,808 shares at Rs1.17 per share.
Experts attributed the shift in sentiment to market expectations of another policy rate cut by the State Bank of Pakistan (SBP) in its upcoming Monetary Policy Committee (MPC) meeting, which is reportedly scheduled for July 29.
However, the central bank is yet to release an official calendar for the MPC meeting.
Additionally, the International Monetary Fund (IMF) has not included Pakistan’s $7 billion Extended Fund Facility on the agenda of its executive board meetings scheduled until July 31.
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The positive sentiment at the PSX comes after a selling pressure on Monday, which saw the KSE-100 Index suffer nearly a 2% loss, triggered by rising political uncertainty in the country.
Globally, Asian stocks bounced back from one-month lows on Tuesday, with Taiwan’s market snapping a five-day losing streak as semiconductor shares took a lead from a Wall Street recovery. However, sagging commodity prices weighed on the Australian dollar.
