KSE-100 Achieves Milestone, Surpasses 59,000 Mark Amidst Bullish Trend
Closing at 59,086.35, the benchmark index experienced an increase of 186.51 points or 0.32%. Earlier in the day, the KSE-100 index reached an intra-day high of 59,502.28. Despite some profit-taking during the second half of the trading session, the benchmark index remained strong at 59,177.64 at 4 pm, reflecting an increase of 277.80 points or 0.47%.
Karobar
In a historic development, the Pakistan Stock Exchange (PSX) witnessed a remarkable surge as the benchmark KSE-100 Index crossed the unprecedented 59,000 level on Friday, setting a new record in its trading history.
The bullish trend was widespread, with significant gains observed in index-heavy sectors such as automobile assemblers, cement, chemicals, commercial banks, oil and gas exploration companies, OMCs, and technology and communication.
This surge follows a positive trend from the previous day when bulls maintained their dominance, with the benchmark index settling at 58,899.84, reflecting an impressive increase of 701.08 points or 1.20%.
The stock market's bullish momentum is attributed to the recent staff-level agreement between Pakistani authorities and the International Monetary Fund (IMF) on the first review under the nine-month $3 billion Stand-By Arrangement (SBA). Market experts anticipate increased inflows in the coming weeks due to this agreement.
Despite the stock market's record highs, analysts emphasize that stock valuations remain attractive, providing potential opportunities for investors.
In other economic indicators, foreign exchange reserves held by the State Bank of Pakistan (SBP) experienced a weekly decline of $217 million, reaching $7.2 billion as of November 17. Despite this, market experts maintain confidence in the overall positive trajectory of the market.
Simultaneously, the Pakistani rupee faced consecutive losses against the US dollar, depreciating by 0.04% in the inter-bank market on Friday, settling at 285.37, reflecting a decrease of Re0.10.
While the volume on the all-share index slightly decreased to 658.4 million, and the value of shares declined to Rs22 billion, specific companies stood out in trading activities. WorldCall Telecom led the volume with 66.8 million shares, followed by Pak Int.Bulk with 39 million shares and TPL Properties with 27.4 million shares.
In Friday's trading session, 387 companies were actively traded, with 165 experiencing an increase, 203 recording a fall, and 19 remaining unchanged.
