Shares worth Rs 7 billion traded as PSX crosses 60,000 mark

KARACHI: After crossing the psychological mark of 58,000 points on Wednesday, the share market crossed 59,000 points mark on Friday. Today, the share market achieved yet another milestone, piercing through the 60,000 points as well.

The benchmark KSE-100 index opened at 59,811.34 points on Tuesday, and quickly amassed 862.10 points to hover around 60,673.44 points around noon.

By 2:30 p.m. the index had climbed 883.36 points to trade at 60,694.70 points.

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Yesterday, the Karachi Stock Exchange market summary showed a hopeful picture as well despite showing difficulty in holding pace early in the morning. Today continued with the positive upward trend and achieved the all-time high position above 60,600 points.

Trading volume was heartening as well, with over 128 million shares worth over Rs 7 billion trading hands before noon. By the afternoon, this traded value had more than doubled.

Announcement of Pakistan and UAE signing multi-billion dollar investment agreements is likely to have played a part in this improvement of the share market, in addition to stabilising rupee against the US Dollar.

Companies from myriad sectors were notable contributors to the positive momentum, showing that the growth was not driven by any specific segment.