The Pakistan Stock Exchange (PSX) witnessed another positive session on Tuesday, as its benchmark KSE-100 Index closed above 48,000 after seven weeks. The last time it closed over this level was on August 18.
The KSE-100 remained in positive territory throughout the session. At close, the benchmark index settled at 48,140.28, up by 418.48 points or 0.88%.
The positive momentum was driven by the banking, fertiliser, and refinery sectors, including MEBL, FFC, ATRL, UBL, and BAHL, contributing a total of 153 points. Conversely, NESTLE, MTL, and COLG collectively incurred a loss of 30 points, brokerage house Topline Securities said.
It was the seventh consecutive positive close at the KSE-100 Index.
On Monday, the index had gained 228 points, mainly on rupee’s continuous merry run against the US dollar.
Topline Securities sees the KSE-100 reaching near 50,000 level in a “pre-election rally”.
“We believe the Pakistan market can potentially experience an 8-10% pre-election rally thereby, has potential to reach near 50k assuming a smooth election process and the approval of the IMF tranche in November,” said Topline Securities in a note earlier.
Meanwhile, the rupee’s merry run continued against the US dollar, as it appreciated another 0.41% in the inter-bank market on Tuesday. As per the State Bank of Pakistan, the local unit settled at 280.51 after an increase of Rs1.14 in the inter-bank market.
This was the rupee’s 24th consecutive gain against the greenback, and remains one of the longest appreciation runs in history.
Volumes on the all-share index increased to 350 million from 233.6 million on Tuesday.
The value of shares was recorded at Rs10.7 billion from Rs7.07 billion in the previous session.
K-Electric Ltd. remained the volume leader with 33.8 million shares, followed by Pak Refinery with 26.3 million shares and WorldCall Telecom with 21.4 million shares.
Shares of 347 companies were traded on Tuesday, of which 227 registered an increase, 96 recorded a fall, and 24 remained unchanged.
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