- Reuters
- 4 Hours ago
Pakistan’s stock market inches closer to all-time high amidst positive IMF outlook
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- Web Desk
- Nov 02, 2023
KARACHI: In the latest trading session, the Pakistan Stock Exchange (PSX) witnessed a significant surge in its benchmark KSE-100 index, marking positive momentum.
The KSE-100 index rose by 314.12 points, equivalent to 0.60 per cent, ultimately closing the session at 52,656.76. Given its consistent trend of gaining points each day, it is safe to say that Pakistan’s stock market is approaching an all-time high.
Meanwhile, Pakistan successfully met nearly all the criteria outlined by the International Monetary Fund (IMF). With these conditions fulfilled, the country faced the IMF delegation without the looming fear of reprimanding the fund.
Investor confidence remained high as they anticipated a favourable review by the IMF, which, if achieved, would pave the way for a substantial $700 million installment.
Throughout the trading day, the KSE-100 index fluctuated within a range of 466.42 points, reaching an intraday high of 52,706.01 (+363.37) and a low of 52,239.59 (-103.05) points.
The total trading volume for the KSE-100 Index amounted to 182.993 million shares. Among the 100 index companies, 52 ended on a positive note, 34 experienced losses, 1 remained unchanged, and 13 remained untraded.
The upward momentum of the KSE-100 index was supported primarily by sectors like cement contributing 103.97 points, fertiliser 65.96 points, power generation and distribution 51.67 points, textile composites 48.45 points, and paper and board 33.51 points.
Noteworthy companies bolstering the index included LUCK (53.39 points), HUBC (52.51 points), ILP (33.53 points), FFC (28.74 points), and HBL (27.97 points).
Read more: 9th consecutive decline: Pakistani rupee closes at Rs283.43
Conversely, the index faced some setbacks due to the performance of sectors like commercial banks (26.06 points), investment banks (13.25 points), oil and gas marketing companies (11.2 points), refineries (6.64 points), and technology and communication (4.9 points).
Companies contributing to the index’s decline included MEBL (24.97 points), MCB (18.9 points), DAWH (14.55 points), SYS (10.91 points), and UBL (7.93 points).
In the broader market scenario, the All-Share index closed at 35,061.51, showing a net gain of 242.13 points.
The total market volume amounted to 475.086 million shares, indicating a slight decrease compared to the previous session, with a traded value of Rs14.58 billion, reflecting a decrease of Rs1.93 billion.
A total of 186,232 trades were reported across 349 companies, with 192 companies ending on a positive note, 132 facing losses, and 25 remaining unchanged.