Pakistan’s stock market hits new record high, closes at 58,198.76

crosses 1,000 points

WEB DESK: The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) achieved yet another milestone by closing at a new record high, surpassing the 58,000 mark after a brief period of consolidation in recent trading sessions.

During today’s session, the index experienced a substantial surge of 827.17 points, or 1.44 per cent, concluding at 58,198.76.

PSX soars to new record high
PSX new record high – Nov 22

Throughout the day, the index displayed a positive trend, reaching an intraday high of 58,405.92 (+1,034.33) and a low of 57,418.50 (+46.91) points.

The total trading volume for the KSE-100 Index amounted to 256.574 million shares.

This surge in the market can be attributed to optimistic sentiments driven by the anticipation of improved economic conditions.

This optimism is further fueled by the preliminary approval from the International Monetary Fund (IMF) for the disbursement of the next loan tranche under the existing $3 billion loan programme.

Upon approval, Pakistan is poised to gain access to SDR 528 million, or approximately $700 million.

In a parallel development, the Pakistani rupee (PKR) marked its fifth consecutive daily gain against the US dollar, showcasing signs of resilience.

Within the 100 index companies for today’s session, 61 recorded gains, 17 experienced declines, 1 remained unchanged, and 21 were untraded.

The KSE-100 index found support from commercial banks, contributing 246.6 points, followed by oil and gas exploration companies with 145.6 points, oil and gas marketing companies with 99.52 points, fertilisers with 95.29 points, and cement with 93.51 points.

Notable contributors to the positive momentum included MEBL with 89.37 points, BAHL with 70.99 points, LUCK with 70.86 points, PSO with 63.63 points, and PPL with 57.33 points.

Conversely, automobile parts and accessories, power generation and distribution, insurance, cable and electrical goods, and investment banks, investment companies, and securities companies collectively exerted downward pressure on the index.

In the broader market, the All-Share index closed at 39,075.47, reflecting a net gain of 566.31 points.

The total market volume stood at 596.218 million shares, with a traded value of Rs22.05 billion, marking an increase of Rs2.72 billion compared to the previous session.

A total of 242,103 trades were reported in 384 companies, with 232 closing up, 135 closing down, and 17 remaining unchanged.

Notably, the KSE-100 has exhibited a remarkable gain of 16,746 points, or 40.4 per cent, during the fiscal year, while the ongoing calendar year has witnessed a cumulative increase of 17,778 points, equivalent to 43.98 per cent in the KSE-100.

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