Pakistan Stock Exchange gains 463 points, closes just below 63,000 mark

WEB DESK: The Pakistan Stock Exchange (PSX) witnessed a robust uptrend today as its benchmark index displayed a gain of 463 points, equivalent to 0.74 per cent, concluding just below the 63,000 mark.

A significant player in the financial landscape, Arif Habib Limited, released a noteworthy report yesterday. The report projects the KSE-100 index to reach 81,000 by December 2024.

It attributes this optimistic forecast to robust earnings growth, attractive valuation, increased foreign inflows, and comparatively steady economic growth.

During today’s trading session, the index exhibited a range of 821.33 points, reaching an intraday high of 63,036.51 (+543.46) and a low of 62,215.19 (-277.87) points. The total volume of the KSE-100 Index reached 408.331 million shares.

Investor confidence remains high, buoyed by expectations of improved economic conditions following anticipated inflows from the International Monetary Fund (IMF) and friendly nations.

Additionally, a relatively stable currency, supported by government-backed administrative efforts, and the prospect of a cut in interest rates contribute to this positive sentiment.

Read more: Pakistani rupee gains for the sixth session

Furthermore, the latest trade figures from the State Bank of Pakistan (SBP) reveal a trade deficit of $9.38 billion, marking a 33.59 per cent decrease compared to the same period last year.

The local currency maintains stability and has recorded gains for the sixth consecutive session.

Among the 100 index companies, 47 recorded gains, 29 faced losses, 1 remained unchanged, and 23 were untraded. The KSE-100 index found support from sectors such as oil and gas exploration companies, commercial banks, oil and gas marketing companies, refineries, and tobacco.

Notable contributors to the index’s positive performance include PPL, OGDC, MEBL, POL, and ATRL. On the other hand, sectors like automobile assembly, cement, technology and communication, fertiliser, and textile composites weighed down on the KSE-100 index.

In the broader market, the All-Share index closed at 42,006.67, reflecting a net gain of 403.99 points.

The total market volume stood at 765.418 million shares, slightly higher than the previous session, while the traded value amounted to Rs30.86 billion, indicating a marginal decrease of Rs0.78 billion.

Despite this decrease, the volume remained elevated, nearing two-year highs.

Detailed market activity includes 298,558 trades involving 382 companies. Of these, 187 closed with gains, 177 faced losses, and 18 remained unchanged.