PSX maintains steady performance, closes at 51,185.28

PSX new record high

WEB DESK: In Thursday’s trading session, the Pakistan Stock Exchange’s benchmark index, KSE-100, concluded at 51,185.28, marking a slight uptick of 8.15 points, or 0.02 per cent.

Despite an initial surge of over 340 points, investor caution prevailed due to the anticipation surrounding the central bank’s upcoming policy rate decision and October’s inflation data, both scheduled for the following week.

Market observers are closely eyeing the impending review of the International Monetary Fund’s (IMF) standby arrangement (SBA). A successful outcome could unlock a significant $700 million installment, adding buoyancy to market sentiment.

Throughout the day, the index fluctuated within a range of 380.04 points, reaching an intraday high of 51,520.68 and a low of 51,140.64 points.

The total trading volume for the KSE-100 Index stood at 175.3 million shares. Among the 100 index companies, 26 experienced gains, 57 faced losses, 4 remained stable, and 13 were untraded.

The robust performance of the banking sector notably bolstered the index, contributing substantially to its points.

Specifically, commercial banks led with 132.62 points, followed by leather and tanneries with 20.14 points, cement with 10.27 points, tobacco with 8.14 points, and close-end mutual funds with 7.59 points.

Read more: Gold price increases by Rs2,900 per tola in Pakistani markets

Key contributors to the index included BAHL with 94.6 points, MEBL with 31.93 points, MCB with 20.41 points, SRVI with 20.14 points, and BOP with 19.37 points.

On the contrary, sectors such as oil and gas exploration companies, investment banks, investment companies, securities companies, oil and gas marketing companies, fertilisers, and refineries experienced declines, leading to a dip in the index.

In the broader market context, the All-Share index closed at 34,039.84, reflecting a net gain of 34.00 points. The total market volume reached 364.039 million shares, compared to 427.394 million in the previous session.

The traded value was recorded at Rs10.93 billion, indicating a decrease of Rs4.58 billion. Notably, the KSE-100 Index has demonstrated significant growth, accumulating 9733 points, or 23.48 per cent, during the fiscal year.

The ongoing calendar year has witnessed a cumulative increase of 10,765 points, equivalent to 26.63 per cent in the KSE-100, showcasing a positive trajectory for Pakistan’s stock market.

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