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Monday June 17, 2024

PSX hits new milestone as KSE 100 index crosses 60,000 mark

Benchmark KSE-100 index closes at 60,730.26 points after it gained 918.92

By Business Desk
November 28, 2023
Brokers are busy in trading at Pakistan Stock Exchange (PSX) in Karachi on Monday, November 6, 2023. — AFP
Brokers are busy in trading at Pakistan Stock Exchange (PSX) in Karachi on Monday, November 6, 2023. — AFP

The Pakistan Stock Exchange (PSX) Tuesday set another record as the KSE-100 index crossed the barrier of 60,000 points after a positive International Monetary Fund (IMF) review and encouraging macroeconomic numbers.

The benchmark index reached 60,845.60 points during the intra-day trade. However, the KSE-100 index closed at 60,730.26 points after it gained 918.92 or 1.54%, up from the previous close of 59,811.34 points.

As traders looked to cash in on the positive trend, the overall trading numbers reached 60,460 points. In November alone, the KSE-100 index has hiked by more than 8,000 points.

Muhammad Saad Ali, a capital market expert, said that KSE100 has risen 48% since June.

Commenting on the recent positive rally, he said: "Recently the rally has extended after the IMF positive review, good macro data reinforcing the market outlook for rate cuts in Dec MPC while global oil prices are under pressure and PKR-USD has stabilised."

Analysts said the equities market has been thriving since the successful first review with the International Monetary Fund (IMF), which will lead to the release of the next loan tranche.

Overall trading volumes reached 779.6 million shares compared with Monday's tally of 657.5 million. The value of shares traded during the day was Rs26.1 billion.

Shares of 392 companies were traded. Of these, 177 stocks closed higher, 200 fell, and 15 remained unchanged.

Kohinoor Spining was the volume leader trading in 79.2 million shares, gaining Rs0.02 to close at Rs4.02. It was followed by WorldCall Telecom with 57.4 million shares, gaining Rs0.04 to close at Rs1.56, and B.O.Punjab with 44.3 million shares, gaining Rs0.41 to close at Rs5.41.