KARACHI, (ind report): Pakistan Stock Exchange (PSX) continued with its record-breaking spree on Tuesday and achieved another milestone when its benchmark KSE-100 Index closed above 74,000 points level for the first time in history, gaining of 732.08 points (0.99 percent) to close at 74,531.19 points.
The surge in trade comes in the backdrop of an International Monetary Fund (IMF) mission visiting Pakistan and starting talks with the finance team on a new, long-term loan package that the country seeks. The surge was also driven by several factors, including improved investor confidence, positive economic indicators, and favorable market conditions. Investors celebrated the bullish trend at the bourse, indicating robust confidence and positive sentiment in the country’s economy. Similar to Monday’s trends, positive vibes from the International Monetary Fund kept up the momentum and added around 1,445 points to the benchmark index in two sessions of this week.
The market opened on a positive note and remained positive for the entire session amid a buying spree. The index has surged 78.65 percent over the past year and is up 15.26 percent year-to-date. Market gurus attributed the bullish trend at the PSX to an expected fall in interest rate and positive momentum in terms of Pakistan’s pursuit of another larger program with the IMF.
The KSE-100 Index remained positive throughout the session, showing an intraday high of 74,575.31 points and a low of 73,977.01 points. The total volume of the KSE-100 index was 257.37 million shares. Out of the 100 index companies, 59 closed up, 36 closed down, while 5 were unchanged.
The KSE-100 Index was supported by commercial banks (277 points), oil & gas exploration companies (236 points), fertilizer (152 points), cement (46 points), and automobile parts & accessories (32 points).
On the flip-side, the index was let down by technology & communication (13 points), textile composite (13 points), food & personal care products (13 points), miscellaneous (11 points), and chemicals (6 points).
Companies adding points to the index were EFERT (121 points), OGDC (94 points), MEBL (85 points), MCB (64 points), and MARI (63 points). Meanwhile, companies that dragged the index lower were TRG (13 points), DAWH (11 points), ILP (8 points), PSEL (7 points), and NESTLE (7 points).
In the broader market, the All-Share Index closed at 48,311.72 with a net gain of 376.84 points. Total market volume was 574.18 million shares compared to 721.60 million from the previous session while traded value was recorded at Rs23.43 billion showing a decrease of Rs2.23 billion. There were 267,542 trades reported in 387 companies with 189 closing up, 178 closing down and 20 remaining unchanged.
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