For the first time in history, KSE-100 index has surpassed the 66,000 barrier for the first time in history as stocks rallied on the Pakistan Stock Exchange (PSX) for the 11th consecutive session on Friday.
At the end of the day, the benchmark index hit an all-time high of 66,273.73 points. It closed at 66,223.63 points, after gaining 1505.56 points or 2.33%, compared to yesterday’s close of 64,718.07 points, after gaining 15005.56 points or 2.33%.
According to Raza Jafri, who is the head of equities at Karachi-based Intermarket Securities, the banks and energy sector have been leading the rally as cheap valuations and a fairly settled economic environment have allowed flows to remain strong as foreign and local investors continue to invest.
It is expected that the MPC (Money Policy Meeting) next week will set the tone for near-term trading activity. While it is widely expected that interest rates will remain unchanged, investors will be watching out for clues in the text of the monetary policy statement to gauge how much interest rates could be lowered by next year,” he said.
During the past week, the KSE-100 index increased by 4,532 points, with brokerage Arif Habib Limited describing the gains as ‘extraordinary’.
In an address at a ceremony at the PSX, caretaker Prime Minister Anwaar-ul-Haq Kakar said that investors had regained confidence after the successful signing of a standby agreement with the International Monetary Fund (IMF), as well as executing the annual budget for 2023-24 and improving the fiscal and external accounts of the country.
The prime minister, in addressing the ceremony marking the first auction of the Government Ijarah Sukook bonds issued by the PSX, said that it was the collective responsibility of the stock brokers, the SECP, and other participants to promote upcoming primary market auctions in order to make a remarkable accomplishment for the entire market ecosystem.
An improving economy, the participation of foreign investors, a high yield on stocks, and a stable exchange rate have all contributed to the bullish sentiment on the stock exchange, according to Prime Minister Kakar.
It was said by him that the capital market provided a fuel that allowed businesses to expand, create jobs, and contribute to the overall development of society.
There was a robust trading activity on the stock exchange on Tuesday, as a total of 1.32 billion shares were exchanged, representing a value of Rs33.3 billion, resulting in a total volume of 1.32 billion shares being traded.
There were 394 companies whose shares were traded on the exchange. As a result, 257 stocks closed at a higher price, 126 closed at a lower price, and 11 remained the same.
The volume leader was K-Electric Limited as it traded 342.5 million shares at a price of Rs4.43 after gaining Rs0.46 to close at Rs4.43. Following it was Worldcall Telecom Limited with 98.5 million shares, which gained Rs0.05 to close at Rs1.67, and Pakistan Telecommunication Company Ltd with 58.7 million shares, which gained Rs0.93 to close at Rs9.65.
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