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Wednesday, November 13, 2024  
10 Jumada Al-Awwal 1446  

Bull run takes PSX over 83,000 points

Experts attribute the improved market sentiment to favorable macroeconomic indicators

The Pakistan Stock Exchange (PSX) continued its upward trend on Friday, driven by strong buying interest, particularly in index-heavy banking and oil & gas stocks.

The PSX’s KSE-100-Index gained 810.19 more points, a positive change of 0.98 per cent, closing at 83,531.96 points against 82,721.77 points on the last working day.

A total of 381,529,555 shares were traded during the day as compared to 319,879,266 shares the previous trading day, whereas the price of shares stood at Rs 20.523 billion against Rs. 16.414 billion on the last trading day.

As many as 444 companies transacted their shares in the stock market, 201 of them recorded gains and 167 sustained losses, whereas the share price of 76 companies remained unchanged.

There was notable buying activity in commercial banks, chemicals, real estate, and oil and gas exploration companies. Key index stocks such as MCB, MEBL, NBP, PPL, OGDC, and MARI all showed positive performance.

Air Link also experienced gains after Business Recorder reported that the company imported two electric vehicles for testing purposes.

Experts attribute the improved market sentiment to favorable macroeconomic indicators. The State Bank of Pakistan’s foreign exchange reserves exceeded $10 billion, reaching a two-and-a-half-year high following a recent loan tranche disbursement from the International Monetary Fund (IMF). The central bank’s reserves increased by $1.168 billion, rising from $9.533 billion to $10.702 billion.

On Thursday, the PSX recorded its highest closing level, buoyed by local investor interest and institutional support. The KSE-100 Index surged by 754.76 points, or 0.92%, closing at an all-time high of 82,721.77 points.

In global markets, Asian stocks retreated on Friday, while oil prices were on track for their largest weekly gain in over a year. The rising tensions in the Middle East kept markets cautious ahead of a key US jobs report later in the day.

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