New highs: KSE-100 crosses 56,500 level after 1,132-point gain
- Bullish momentum persists at PSX as market watches ongoing discussions between govt and IMF
Positive momentum continued at the Pakistan Stock Exchange (PSX), as the benchmark KSE-100 Index crossed the 56,500 level for the first time in its history, amid a gain of over 1,132 points on Monday.
Trading at the KSE-100 started on a positive note, which continued throughout the session. It hit an intra-day high of 56,583.59.
At close, the benchmark index settled at 56,523.58 level, an increase of 1,132.21 points or 2.04%.
During the previous week, the KSE-100 index had crossed the 55,000 historic level for the first time in its history and closed at the then new highest ever level of 55,391.37 points closing level of 53,123.04 points with hefty net gains of 2268.33 points or 4.27% on week-on-week basis.
Across-the-board buying was witnessed on Monday, with index-heavy sectors including cement, chemical, commercial banks, power generation and distribution, property, oil and gas exploration companies and OMCs trading in green.
The market is watching the ongoing discussions between the government and the International Monetary Fund (IMF). Regarding fiscal matters, the IMF and FBR deliberated on implementing structural adjustments in tax collection, including the introduction of taxes on agriculture, real estate, and retail sectors.
Moreover, improved macroeconomic indicators, including a decline in the country’s current account deficit, which was reduced to $8 million in September 2023 as compared to the CAD of $360 million in the same month in 2022, and a drop in CPI-based inflation has also propelled the positive sentiment at the bourse.
Meanwhile, the Pakistani rupee continued to endure losses for the 15th consecutive session against the US dollar, as it depreciated 0.18% in the inter-bank market on Friday. As per the State Bank of Pakistan, the local currency settled at 287.55, a decrease of Re0.52.
Volume on the all-share index increased to 660.6 million from 640.8 million a session before.
The value of shares rose to Rs22.4 billion from Rs21.1 billion in the previous session.
WorldCall Telecom remained the volume leader with 100.7 million shares, followed by Cnergyico PK with 60.7 million shares and Hum Network with 32.4 million shares.
Shares of 385 companies were traded on Monday, of which 220 registered an increase, 147 recorded a fall, while 18 remained unchanged.
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