Bulls hold their ground at Pakistan Stock Exchange

Bulls held their ground at the Pakistan Stock Exchange (PSX) on Friday as the share prices gained over 1,600 points amid hopes by investors for a further cut in interest rate.At Juma prayers break, the PSX’s benchmark KSE-100 index surged by 1,625.08 points or 1.41% to reach 115,662.87 points.The State Bank of Pakistan’s monetary policy meeting (MPC) will be held on January 27, 2025.On Thursday, the KSE-100 index had gained 594.36 points, or 0.52 percent, closing at 114,037.79 points after robust foreign inflows and improving macro-economic indicators boosted sentiment.A total of 675.54 million shares were exchanged during the day at the PSX, compared with the turnover of 743.632 million shares the previous trading day. The price of shares stood at Rs30.46 billion against Rs35.24 billion on the last trading day at the Pakistan Stock Exchange.As many as 442 companies transacted their shares in the stock market, 213 of them recorded gains and 181 sustained losses, while the share prices of 48 companies remained unchanged.The three top trading companies were Cnergyico PK with 143.69 million shares at Rs7.93 per share, WorldCall Telecom with 78.19 million shares at Rs1.79 per share. Fauji Cement remained the third with 47.17 million shares at Rs40.65 per share.