The Pakistan Stock Exchange (PSX) continued its upward trajectory for 11th straight session on Monday, with benchmark KSE-100 Index reaching near 50,000 level in the intra-day trading, before closing at 49,731.35 points.
The KSE-100 reached intra-day high of 49,919.03 soon after the market opened. However, the index later succumbed to selling pressure, curbing the gains.
At close, the benchmark index settled at 49,731.35, up by 237.88 points or 0.48%.
“Pakistan’s equities market experienced a strong start to the week, with the index surging by 426 points to reach 49,919 within the first five minutes of trading. As the index approached the significant 50,000 level, investors decided to lock in profits,” brokerage house Topline Securities stated in its post-market report.
The market’s positive momentum was driven by the banking, technology, and cement sectors, with TRG, PSEL, THALL, MLCF, and MCB collectively contributing 143 points. In contrast, ENGRO, UBL, and LUCK incurred a combined loss of 48 points, the brokerage house said.
This was the 11th straight positive session at the KSE-100 Index.
On Friday, backed by an extraordinary gain in value of the rupee, the KSE-100 had crossed the 49,000 level with an over 700-point increase.
Meanwhile, the Pakistani rupee continued its winning spree against the US dollar as it gained another 0.29% in the inter-bank market on Monday. As per the State Bank of Pakistan, the local unit settled at 276.83 after an increase of Re0.79 in the inter-bank market.
This was the rupee’s 28th successive appreciation against the greenback.
Volume on the all-share index decreased to 467.38 million from 556.39 million a day before.
The value of shares traded declined to Rs14.11 billion from Rs15.45 billion in the previous session.
K-Electric Ltd. remained the volume leader with 98.16 million shares, followed by P.T.C.L. with 22.6 million shares and Pak Int.Bulk with 22.07 million shares.
Shares of 363 companies were traded on Monday, of which 219 registered an increase, 132 recorded a fall, and 12 remained unchanged.
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