- Web Desk
- 9 Hours ago
Pakistan’s stock market sets new record, closes at 54,261.43
- Web Desk
- Nov 08, 2023
WEB DESK: In the recent trading session, the Pakistan stock market displayed a strong resurgence in its bullish momentum following a brief dip in the previous session.
The benchmark KSE-100 index experienced a significant surge, climbing by 525.70 points, or 0.98 per cent. This remarkable performance led to the index closing at a new all-time high of 54,261.43.
It’s worth noting that the index experienced a correction in the previous session, shedding as much as 600 points from its intraday highs.
Throughout the trading session, the index fluctuated within a range of 699.19 points. It reached an intraday high of 54,419.65, showing an increase of 683.92 points, and a low of 53,720.46, indicating a decrease of 15.27 points.
The total trading volume of the KSE-100 Index amounted to 259.131 million shares. Among the 100 index companies, 75 ended the session on a positive note, 21 closed with losses, and 4 remained unchanged.
The upward momentum of the KSE-100 index was supported by several sectors. Commercial banks played a significant role with 186.16 points, followed by power generation and distribution with 69.94 points, fertiliser with 65.37 points, oil and gas exploration companies with 55.71 points, and cement with 51.76 points.
Specific companies that contributed significantly to the index’s gains included HUBC with 51.02 points, ENGRO with 46.44 points, MEBL with 40.72 points, HBL with 35.93 points, and MTL with 33.65 points.
On the other hand, the technology and communication sector experienced a decline, pulling the index down by 14.91 points, along with cable and electrical goods with 4.67 points, pharmaceuticals with 2.8 points, transport with 0.73 points, and automobile parts and accessories with 0.25 points.
The trading activity in the market was robust, with 177,033 trades reported by 371 companies. Among these, 233 companies saw gains, 116 companies faced losses, and 22 companies remained unchanged.
In terms of overall performance, the KSE-100 index has demonstrated impressive growth, gaining 12,809 points, or 30.9 per cent, during the fiscal year.
Moreover, the ongoing calendar year has witnessed a cumulative increase of 13,841 points, equivalent to 34.24 per cent in the KSE-100 index.
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