KSE-100 index inches up by 0.28% to close at 46,756.80 points

KARACHI: The KSE-100 Index, the benchmark index of the Pakistan Stock Exchange (PSX), wrapped up Tuesday with a notable 0.28 per cent increase, demonstrating a positive trading day.

The index opened on a positive note, surging to an intra-day high of 46,820.72. However, profit-taking activities tempered these early gains.

By the closing bell, the benchmark KSE-100 Index stood at 46,756.80, reflecting an increase of 129.72 points, or 0.28 per cent.

While the equity market ended on a positive note, it remained range-bound due to the absence of significant positive triggers, as noted by Ismail Iqbal Securities, a prominent brokerage house.

The previous day, the KSE-100 had experienced a surge of nearly 400 points, buoyed by the government’s decision to reduce petroleum prices and the consistent appreciation of the Pakistani rupee against the US dollar.

Despite a mix of economic indicators, the index sustained its upward momentum on Tuesday, according to Topline Securities.

Positive contributions to the index were made by the banking, fertilizer, and cement sectors, with notable companies such as ENGRO, EFERT, MCB, BAHL, and LUCK collectively adding 138 points.

However, OGDC, SYS, and DAWH experienced losses, collectively shedding 61 points, reported the brokerage house.

Simultaneously, the Pakistani rupee continued its upward trajectory against the US dollar, gaining 0.36 per cent in the interbank market on Tuesday.

According to the State Bank of Pakistan, the local currency settled at 285.72 after a Rs1.04 increase in the inter-bank market. This marked the 19th consecutive increase in the rupee’s value against the greenback.