AGL 38.18 Decreased By ▼ -0.22 (-0.57%)
AIRLINK 142.98 Increased By ▲ 7.98 (5.91%)
BOP 5.07 Decreased By ▼ -0.02 (-0.39%)
CNERGY 3.77 Decreased By ▼ -0.02 (-0.53%)
DCL 7.56 Decreased By ▼ -0.03 (-0.4%)
DFML 44.48 Increased By ▲ 0.03 (0.07%)
DGKC 76.25 Decreased By ▼ -1.15 (-1.49%)
FCCL 26.95 Increased By ▲ 0.07 (0.26%)
FFBL 52.00 Decreased By ▼ -0.97 (-1.83%)
FFL 8.52 Decreased By ▼ -0.02 (-0.23%)
HUBC 125.51 Increased By ▲ 1.71 (1.38%)
HUMNL 9.99 Increased By ▲ 0.05 (0.5%)
KEL 3.74 Increased By ▲ 0.01 (0.27%)
KOSM 8.15 Increased By ▲ 0.07 (0.87%)
MLCF 34.75 Increased By ▲ 1.05 (3.12%)
NBP 58.71 Increased By ▲ 0.22 (0.38%)
OGDC 154.50 Increased By ▲ 4.55 (3.03%)
PAEL 25.15 Increased By ▲ 0.45 (1.82%)
PIBTL 5.93 Increased By ▲ 0.08 (1.37%)
PPL 118.31 Increased By ▲ 6.66 (5.97%)
PRL 24.38 Increased By ▲ 0.48 (2.01%)
PTC 12.00 Decreased By ▼ -0.10 (-0.83%)
SEARL 56.00 Decreased By ▼ -0.89 (-1.56%)
TELE 7.05 Increased By ▲ 0.05 (0.71%)
TOMCL 34.99 Decreased By ▼ -0.16 (-0.46%)
TPLP 6.98 Decreased By ▼ -0.07 (-0.99%)
TREET 13.98 Decreased By ▼ -0.18 (-1.27%)
TRG 46.10 Decreased By ▼ -0.13 (-0.28%)
UNITY 26.00 Decreased By ▼ -0.08 (-0.31%)
WTL 1.21 No Change ▼ 0.00 (0%)
BR100 8,822 Increased By 86.7 (0.99%)
BR30 26,723 Increased By 466.7 (1.78%)
KSE100 83,532 Increased By 810.2 (0.98%)
KSE30 26,710 Increased By 328 (1.24%)
Markets

KSE-100 gains 1.23%, closes near 60,000 level as buying spree continues

  • Benchmark index increases 725 points as cement and banks lead rally
Published November 27, 2023

The Pakistan Stock Exchange (PSX) continued to set new records, as the benchmark KSE-100 Index gained another 1.23% on Monday to close near the 60,000-point level.

The KSE-100 witnessed range-bound trading in the first few hours of the session as it hit an intra-day low of 58,999.31. However, a strong buying-spree in the second part of the day helped the index gain ground.

At close, the benchmark index settled at 59,811.34, up by 724.99 points or 1.23%.

Heavy buying was witnessed in banks and construction sectors.

During the previous week, the PSX had hit its highest ever level. It closed with healthy gains on the back of aggressive buying by both local and foreign investors coupled with institutional support.

The benchmark index surged by 2,023.19 points on a week-on-week basis and crossed the 59,000 psychological level for the first time in its history to close at highest ever level of 59,086.35 points.

The stock market has been enjoying a bullish spree since after Pakistani authorities and the International Monetary Fund (IMF) reached a staff-level agreement on the first review under the nine-month $3 billion Stand-By Arrangement (SBA) last week.

The government believes the IMF’s executive board will give its approval in December, after which Pakistan will receive the second tranche of the SBA.

The funding would also pave the way for inflows from other multilateral and bilateral partners.

Experts said that the market is also expecting a policy rate cut in the upcoming Monetary Policy Committee (MPC) meeting scheduled to be held next month (December), which would improve the liquidity position at the bourse.

Meanwhile, the Pakistani rupee continued to fall for the third successive session against the US dollar as it depreciated 0.09% in the inter-bank market on Monday. As per the State Bank of Pakistan, the local currency settled at 285.64, a decrease of Re0.27.

Volume on the all-share index inched down to 657.5 million from 658.4 million a session before.

The value of shares decreased to Rs20.2 billion from Rs22 billion in the previous session.

Kohinoor Spinning remained the volume leader with 109.4 million shares, followed by WorldCall Telecom with 43.3 million shares and Yousuf Weaving with 22.7 million shares.

Shares of 391 companies were traded on Monday, of which 245 registered an increase, 121 recorded a fall, while 25 remained unchanged.

Comments

Comments are closed.

Mustafa Nov 27, 2023 02:26pm
This government is much better than PDM and PTI ...
thumb_up Recommended (0)