Business

Pakistan Stock Exchange continues smashing records, closes at 64,718 – SUCH TV

[ad_1]

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index extended its winning streak, closing in the green for the tenth consecutive session. This marks the longest run of weekly gains in over six years.

In today’s trading session, the KSE-100 index experienced volatility, fluctuating within a wide range of 1,105 points, reaching a high of 64,958.10 (+1,040.38) and a low of 63,853.05 (-64.68).

Strong buying activity in the first half of the session pushed the index close to the 65,000 mark. However, profit-taking activities briefly led to a dip to 63,853.05 before buyers regained control, bringing it back to intraday highs.

The day concluded with the index at 64,718.08, reflecting an increase of 800.35 points, or 1.25 per cent.

Market participation remained robust, with the KSE-100’s volume reaching a new high of 765.341 million shares.

The local stock market’s bullish trend is attributed to optimism surrounding improved economic conditions, expected inflows from the International Monetary Fund (IMF) and friendly countries, a relatively stable currency backed by government efforts, and potential interest rate cuts.

Analysts anticipate this positive momentum to continue into 2024, supported by robust earnings growth, attractive valuations, and a relatively steady economic expansion.

In today’s session, out of the 100 index companies, 57 closed higher, 38 closed lower, 1 remained unchanged, and 4 were untraded.

The KSE-100 index received support from commercial banks (538.98), oil and gas marketing companies (83.35), fertiliser companies (60.86), and oil and gas exploration companies (56.87).

Notable contributors to the index included BAHL (115.25), MARI (102.95), MEBL (99.83), PSO (90.28), and BAFL (74.48 points).

On the downside, Technology & Communication (-36.87), Cement (-33.89), Miscellaneous (-9.72), Automobile Assembler (-8.32), and Food & Personal Care Products (-7.93 points) weighed on the KSE-100 index.

Companies dragging the index lower included HUBC (37.77), LUCK (31.54), SYS (27.26), OGDC (24.46), and POL (16.15 points).

It’s worth noting that the KSE-100 has seen a remarkable gain of 23,265 points, or 56.13 per cent, during the fiscal year, and the ongoing calendar year has witnessed a cumulative increase of 24,298 points, equivalent to 60.11 per cent.

[ad_2]

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button