PSX gains ground after week-long ebb and flow
Business
The KSE-100 index closed at 119,691 after gaining 719 points
KARACHI (Dunya News) – The Pakistan Stock Exchange (PSX) on Friday gained ground after week-long ebb and flow amid IMF talks on the upcoming budget.
The KSE-100 index gained 283 points during early hours of trading which meant 119,255 on the board. Later, the index ebbed for a while.
Thanks to investors' confidence, the KSE-100 index closed at 119,691 after gaining 719 points.
On Thursday, the PSX continued with the bullish trend by gaining 638.50 points, a positive change of 0.54 percent, closing at 118,971.41 points compared to 118,332.91 points on Tuesday - the last trading day.
A total of 741,654,162 shares were traded during the day compared to 690,389,276 shares the previous trading day, whereas the price of shares stood at Rs23.911 billion against Rs23.828 billion on the last trading day.
The three top trading companies were WorldCall Telecom with 137,517,831 shares at Rs1.43 per share, K-Electric Limited with 119,635,956 shares at Rs5.52 per share and PTCL with 65,676,043 shares at Rs26.23 per share.
Budget for FY 2025-26 to be presented on June 10
Federal Finance Secretary Imdadullah Bosal on Thursday confirmed that the budget for the fiscal year 2025-26 would be presented on June 10 as scheduled.
Earlier, sources said that due to Eid holidays on June 7, 8 and 9, the third day of Eid would be declared a working day to accommodate key meetings.
It was reported that both the National Economic Council (NEC) meeting and the release of the Economic Survey were scheduled for June 9, which could pose logistical challenges.
According to Finance Ministry, the NEC meeting, attended by chief ministers of all four provinces and Gilgit-Baltistan, as well as the prime minister of Azad Kashmir, finalises the development programme and typically lasts all day.
Traditionally, there is a two-day gap between the NEC meeting and the federal budget presentation.
EBB AND FLOW
The PSX staged a recovery on Tuesday - a day after it witnessed bearish trend due to uncertainty over the IMF conditions ahead of budget for the fiscal year 2025-26.
During intraday trading, the KSE-100 index moved up by over 300 points to 118,599 points. Later, the index closed at 118,332 points after gaining 111.78 points.
On Monday, a mixed trend was observed during trading in the Pakistan Stock Exchange (PSX) on Monday.
On the first day of the business week, trading began with a negative trend, and the 100 index recorded a decline of over 400 points. However, shortly afterward, the index saw a recovery with an increase of 188 points, reaching the level of 119,290 points.
Later in the day, the investors remained jittery and the index closed at 118,221 after losing 881 points against Friday's 119,102.
Selling pressure was witnessed in key sectors including automobile assemblers, oil and gas exploration companies, OMCs and power generation.
Besides, index-heavy stocks including HUBCO, OGDC, PPL, POL, MARI, PSO and SSGC traded in the red.
