Major rebound: PSX closes May 2024 above 75,000 mark

KARACHI: The Pakistan Stock Exchange (PSX) experienced a significant rebound on last trading day of the month, closing out the week on a high note after facing declines in the preceding days.

This resurgence was largely driven by a softer-than-expected inflation reading for May, which bolstered investor confidence.

The benchmark KSE-100 index surged by 1,000.35 points, or 1.34 per cent, to close at 75,878.48. The index maintained positive momentum throughout the trading session, peaking at an intraday high of 75,953.74 points and touching a low of 74,989.26 points.

Trading volumes were robust, with the KSE-100 index recording a total of 243.53 million shares traded. Out of the 100 companies in the index, 71 closed in positive territory, 24 saw declines, and 5 remained unchanged.

Key sectors contributing to the index’s rise included Commercial Banks, which added 223.37 points; Technology & Communication, contributing 200.32 points; Fertilizer, which added 196.96 points; Power Generation & Distribution, contributing 128.7 points; and Cement, which added 63.03 points.

Conversely, the index faced downward pressure from Oil & Gas Marketing Companies, which subtracted 9.76 points; Automobile Parts & Accessories, down by 4.94 points; Tobacco, which lost 3.74 points; Refinery, down by 2.39 points; and Sugar & Allied Industries, which decreased by 1.67 points.

Among individual companies, SYS led the gains with an addition of 171.65 points, followed by HUBC with 113.64 points, MCB adding 76.7 points, MEBL with 72.97 points, and ENGRO contributing 72.5 points. On the downside, PSO led the laggards with a loss of 7.53 points, followed by POL, which dropped 6.7 points, THALL down by 4.94 points, NBP losing 4.86 points, and INDU decreasing by 4.69 points.

This strong performance on Friday reflects the market’s positive response to the latest economic indicators, with investors showing renewed optimism about the country’s economic prospects.

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