PSX closes strong with 901 points gain

WEB DESK: In a notable turn of events, the Pakistan Stock Exchange (PSX) witnessed a substantial surge, extending its gains after the International Monetary Fund (IMF) expressed its eagerness to collaborate with the new government on policies aimed at ensuring macroeconomic stability.

The benchmark KSE-100 index closed Friday’s trading session at an impressive 62,815.82, displaying a remarkable increase of 901.47 points or 1.46 per cent.

PSX closing February 23, 2024

The index showcased a range of 1,095.70 points, reaching an intraday high of 62,945.37 (+1,031.03) and a low of 61,849.67 (-64.67) points.

A notable highlight was the total volume of the KSE-100 index, which recorded a significant 196.698 million shares during the session.

Ms Julie Kozack, Director of Communication, stated during a press briefing on Thursday, “During the period of the caretaker government, the authorities have maintained economic stability.”

This achievement was attributed to strict adherence to fiscal targets and safeguarding the social safety net. The caretaker government maintained a tight monetary policy stance to control inflation and continued to build up foreign exchange reserves.

Ms Kozack expressed the IMF’s anticipation, saying, “We look forward to working with the new government on policies to ensure macroeconomic stability and prosperity for all of Pakistan’s citizens.”

In today’s trading session, out of the 100 index companies, 65 closed up, 26 closed down, 2 remained unchanged, while 7 remained untraded.

The KSE-100 index found support from sectors such as Oil & Gas Exploration Companies, Commercial Banks, Fertilizer, Power Generation & Distribution, and Textile Composite.

Conversely, the index faced resistance from sectors like Technology & Communication, Inv. Banks / Inv. Cos. / Securities Cos., Cable & Electrical Goods, Transport, and Real Estate Investment Trust.

Companies that significantly contributed to the index’s upward momentum included OGDC, PPL, MEBL, FFC, and MCB, while TRG, SYS, HINOON, FFBL, and AVN exerted downward pressure.

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