The Pakistan Stock Exchange (PSX) witnessed a remarkable surge on Monday, with the KSE-100 index reaching a new intraday high of 85,000 points amidst a bullish trading environment.
During the trading session, the benchmark index rose by 712.77 points, or 0.85%, climbing to 84,244.72 points from its previous closing of 83,531.95 points by 12:21 PM. By the end of the day, the index closed at 84,910.29 points, marking an impressive increase of 1,378.34 points, or 1.65%, from the prior close.
This significant uptick reflects strong investor confidence and positive market sentiment.
The benchmark KSE-100 index surged by 2,239.83 points week-on-week last week, crossing the significant psychological level of 83,000 for the first time, and closing at an all-time high of 83,531.96 points.
Despite this positive momentum, trading activity was subdued. Average daily trading volumes on the ready counter fell by 12.1% to 343.89 million shares, compared to the previous week’s average of 391.07 million shares. Additionally, the average daily traded value decreased by 1.3% to Rs 16.72 billion, down from Rs 16.94 billion the week before.
Foreign investors were net sellers, pulling out $26.059 million from the local equity market. Overall, total market capitalization increased by Rs 226 billion this week, reaching Rs 10.879 trillion.
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An analyst at AKD Securities noted that the market maintained its bullish momentum, driven by expectations of declining interest rates and the anticipated approval of the IMF’s Extended Fund Facility (EFF).
