Shares at the Pakistan Stock Exchange (PSX) surged more than 800 points on Wednesday as the stock market continued its historic bull run, surpassing 96,000 for the first time.
The benchmark KSE-100 index climbed 847.17 points, or 0.88 per cent, to stand at 96,703.83 from the previous close of 95,856.66 points at 10:57am.
Mohammed Sohail, chief executive of Topline Securities, attributed the bull run to “non-stop buying by local mutual funds”.
He observed that a statement by The Resource Group (TRG) Pakistan Limited about its portfolio company, IBEX Limited, also helped boost volumes and sentiments.
In a statement, TRG Pakistan Limited said that it was informed that its associate, The Resource Group International (TRGI), had entered into an agreement with IBEX Limited, “pursuant to which the IBEX has repurchased approximately 3.56 million IBEX shares from TRGI”.
“Following this repurchase, TRGI will retain ownership of 1.8 million common shares of IBEX, with TRGI’s shareholder agreement with IBEX dated November 2017 remaining in effect,” it said.
More to follow
