Pakistan Stock Exchange closes at new record high of 58,899.84

WEB DESK: The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index demonstrated robust performance on Thursday, concluding the trading session at 58,899.84.

This marked an impressive surge of 701.08 points, or 1.2 per cent. Throughout the day, the index maintained positivity, reaching an intraday high of 58,920.41, reflecting an increase of 721.65 points.

The trading session saw a total volume of 306.644 million shares for the KSE-100 Index.

Among the 100 index companies, 59 registered gains, 19 experienced losses, 1 remained unchanged, and 21 were untraded.

The optimistic trend is attributed to expectations of improved economic conditions, fueled by the International Monetary Fund’s (IMF) preliminary approval for the release of the next loan tranche within the existing $3 billion loan program.

Upon approval, Pakistan is set to gain access to SDR 528 million, equivalent to around $700 million.

Key contributors to the KSE-100 Index included commercial banks with 340.84 points, technology and communication with 184.01 points, cement with 51.28 points, miscellaneous with 40.13 points, and fertiliser with 30.25 points.

Companies that significantly contributed to index points included MEBL with 118.71 points, SYS with 109.97 points, TRG with 57.67 points, HMB with 51.49 points, and MARI with 38.58 points.

Read more: PKR loses 14 paisa, ending four-day winning streak

However, the KSE-100 Index faced downward pressure from Oil & Gas Exploration Companies with a decrease of 50.23 points, Power Generation & Distribution with 32.51 points, Oil & Gas Marketing Companies with 11.4 points, Chemical with 7.3 points, and Paper & Board with 4.89 points.

Notable companies that contributed to the index decline were OGDC with 51.85 points, PPL with 36.06 points, HUBC with 31.87 points, COLG with 17.13 points, and PSO with 11.21 points.

In the broader market, the All-Share index closed at 39,473.92, reflecting a net gain of 398.45 points.

The total market volume reached 669.250 million shares, an increase from the previous session, with a traded value of Rs25.23 billion, indicating a rise of Rs3.18 billion.

The market witnessed 274,343 trades involving 390 companies, with 225 closing up, 139 closing down, and 26 remaining unchanged.