Aaj English TV

Friday, May 31, 2024  
22 Dhul-Qadah 1445  

Bullish run continues as PSX reaches new milestone

Benchmark index gains over 300 points in intraday trading
A screengrab from the Pakistan Stock Exchange website shows market activity during the intraday trading on May 14, 2024.
A screengrab from the Pakistan Stock Exchange website shows market activity during the intraday trading on May 14, 2024.

Shares at the Pakistan Stock Exchange’s (PSX) benchmark index gained more than 300 points in the intraday trading to breach the 74,000 barrier.

According to the PSX website, the benchmark KSE-100 index gained 534.74 points, or 0.72 per cent, to stand at 74,333.85 levels at 11:26am from the previous close of 73,799.11 levels.

On Monday, the benchmark index breached the 74,000 barrier before dropping back below within an hour. Last week, shares at the PSX gained 427 points to reach a new milestone of 73,000 points amid expectations of inflation falling faster than the expected rate.

The development comes as talks between the government and the International Monetary Fund go under way for a new bailout package, which according to the finance minister would be “larger and bigger”.

In the introductory session, Pakistan assured the Fund of not taking loans from the central bank and meeting all foreign debt obligations on time.

On Monday, the Topline Securities said that Pakistan equities closed the day’s affairs just below 74,000 at 73,799 levels (+714 points; up 0.98%).

The firm attributed “positive vibes” from the IMF, rejuvenated foreign interest at attractive valuations and continuous progress on the macro front to the achievement. “Investors chose to further strengthen their equity position by buying blue-chip stocks across the board.”

E&P and the Fertilizer sector contributed positively where POL, DAWH, ENGRO, PPL & MARI added 307 points. On the flip side, FFC, PAEL & PIOC cumulatively lost 58 points due to some profit-taking witnessed in them.

Over 721 million shares were traded on Monday at the bourse while total value landed at Rs25.6 billion. Notably, CNERGY led the volumes chart with the trading of just over 64 million shares.

For the latest news, follow us on Twitter @Aaj_Urdu. We are also on Facebook, Instagram and YouTube.

PSX

pakistan stock exchange

kse 100 index