Pakistan Stock Exchange gains 293 points, closes at 57,371.59

WEB DESK: The Pakistan Stock Exchange (PSX) maintained its upward momentum, with the KSE-100 index gaining 293.63 points, or 0.51 per cent, concluding Tuesday’s session at 57,371.59.

This positive trend is driven by optimism regarding improved economic conditions, following the preliminary approval from the International Monetary Fund (IMF) for the disbursement of the next loan tranche in the existing $3 billion loan programme.

Throughout the day, the index exhibited a positive trajectory, reaching an intraday high of 57,691.22 (+613.26) and a low of 57,176.46 (+98.49) points. The total volume of the KSE-100 Index amounted to 355.673 million shares.

In a parallel development, the Pakistani rupee (PKR) recorded its fourth consecutive daily gain against the US dollar, displaying signs of resilience.

In today’s session, out of the 100 index companies, 48 showed positive closures, 31 closed in the negative, and 21 remained untraded.

The KSE-100 index received support from various sectors, including commercial banks with 145.64, power generation and distribution with 84.62, cement with 35.35, paper and board with 18.99, and leather and tanneries with 17.07 points.

Noteworthy contributors to the index were HUBC with 84.98, UBL with 39.65, LUCK with 27.66, FFBL with 21.66, and BAHL with 17.31 points.

Read more: Pakistani rupee gains against dollar

On the flip side, the KSE-100 Index faced setbacks from sectors like oil and gas exploration companies with 48.39, chemicals with 23.02, tobacco with 3.82, pharmaceuticals with 2.5, and technology and communication with 2.08 points.

In the broader market, the All-Share index concluded at 38,509.16, registering a net gain of 126.34 points.

The total market volume reached 1.01 billion shares, a notable increase from the previous session’s 718.29 million, with a traded value of Rs19.34 billion, indicating a rise of Rs2.65 billion.

A total of 253,609 trades were reported across 385 companies, with 228 experiencing positive closures, 141 ending in the negative, and 16 remaining unchanged.

It is noteworthy that the KSE-100 has witnessed a gain of 15,919 points, or 38.4 per cent, during the fiscal year, and the ongoing calendar year has seen a cumulative increase of 16,951 points, equivalent to 41.94 per cent in the KSE-100.