Pakistan Stock Exchange closes above 51,000 mark for the second time in history

WEB DESK: In Monday’s trading session, the Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index concluded at 51,070.83, marking a significant increase of 338.96 points, or 0.67 per cent.

Throughout the day, the index displayed a positive trend, reaching an intraday high of 51,419.87 (+688.00 points) and a low of 50,924.38 (+192.51 points).

The total trading volume for the KSE-100 Index stood at 188.079 million shares.

Notably, Friday saw the KSE-100 index achieve its highest weekly close since May 22, 2017, the same week when the index reached its all-time high of 53,127.

This positive momentum is attributed to the strengthened Pakistani Rupee (PKR) and an enhanced economic outlook, which continue to bolster the local bourse.

In terms of economic indicators, the current account deficit for September 2023 witnessed a significant decline, shrinking by 95.1 per cent MoM to reach a mere $8 million, compared to the $164 million deficit recorded in August 2023.

Additionally, on a cumulative basis, the current account deficit for the first quarter of FY24 was reported at $947 million, reflecting a substantial improvement of 58.06 per cent YoY when compared to the $2.26 billion deficit in 1QFY23.

Among the 100 index companies, 49 registered gains, 36 experienced losses, 3 remained unchanged, and 12 were untraded.

Read more: Interbank closing: Pakistani rupee declines amid increasing demand for US dollar

The positive performance of the KSE-100 Index was bolstered by sectors such as oil and gas exploration companies with 177.55 points, fertilisers with 75.88 points, oil and gas marketing companies with 37.79 points, pharmaceuticals with 28.85 points, and automobile parts and accessories with 21.17 points.

Key contributors to the index’s growth included OGDC with 102.97 points, PPL with 52.9 points, FFC with 52.09 points, EFERT with 46.7 points, and THALL with 21.17 points.

Conversely, sectors like Food & Personal Care Products with a decrease of 23.16 points, Technology & Communication with 18.73 points, Engineering with 18.25 points, Refinery with 10.23 points, and Leather & Tanneries with 3.56 points had a negative impact on the KSE-100 Index.

In the broader market, the All-Share index closed at 33,918.97, reflecting a net gain of 229.95 points.

These developments indicate the dynamic nature of Pakistan’s stock market and its responsiveness to both domestic and global economic factors.