Pakistan Stock Exchange expected to surpass 60,000 level soon

WEB DESK: The KSE-100 Index at the Pakistan Stock Exchange (PSX) demonstrated robust performance at the beginning of the week, posting a significant gain of 725 points, or 1.23 per cent.

The day’s trading concluded with the index reaching 59,811.34, inching closer to the psychological threshold of 60,000.

As the PSX has consistently posted regular gains recently, it is anticipated that the Pakistan’s stock market will soon surpass the 60,000 level at its current pace.

Throughout the trading session, the index fluctuated within a range of 896.77 points, reaching an intraday high of 59,896.08 (+809.73) and a low of 58,999.31 (-87.04) points.

The total volume of the KSE-100 Index was substantial, at 276.858 million shares.

This positive trend follows last week’s remarkable performance, where the KSE-100 index recorded a gain of 2,023 points, or 3.55 per cent, marking its eighth consecutive weekly increase.

The bullish momentum in the local stock market can be attributed to the $3 billion standby arrangement (SBA) with the International Monetary Fund (IMF), which prevents the nation from defaulting on its sovereign debt.

The momentum was further boosted by a successful first review with the IMF, resulting in preliminary approval for the release of the next loan tranche.

Finance minister Dr Shamshad Akhtar anticipates this development will catalyse contributions from other bilateral donors, potentially amounting to around $1.5 billion.

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In today’s trading session, out of the 100 index companies, 65 closed higher, 26 closed lower, 3 remained unchanged, and 6 were untraded.

The key contributors to the positive performance were the commercial banking, cement, miscellaneous, textile composite, and fertiliser sectors.

Companies such as HBL, UBL, MCB, PSEL, and LUCK played a significant role in boosting the KSE-100 Index, accumulating notable points.

On the flip side, the Technology & Communication, Chemical, Oil & Gas Marketing Companies, Glass & Ceramics, and Investment Banks/Companies/Securities Companies sectors weighed down the index.

In the broader market, the All-Share index concluded at 39,947.09, experiencing a net gain of 387.88 points.

The total market volume was 657.581 million shares, with a traded value of Rs20.27 billion, indicating a slight decrease from the previous session.

During the day, KOSM emerged as the volume leader, surging by 32.45 per cent. The company announced plans for a strategic partnership with a UAE firm to establish a raw and value-added mineral-based business in Pakistan.