PSX Closing Bell: A Greater Vision
Today's robust rise on the Pakistan Stock Exchange (PSX) saw the benchmark KSE-100 index soar by 1.89% to close at 50,365.15, surpassing the crucial 50,000 barrier.
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Notably, for the first time since May 31, 2017, the KSE-100 index closed over the 50,000 mark.
The market's optimistic sentiment following yesterday's T-Bills auction, which suggested that the market was strongly pricing in that interest rates had peaked, helped the index rise 933.68 points.
All of the session, the index was in the green. It moved in a range of 963 points, peaking at 50,399.92 (+968.45) points afternoon and falling to 49,436.92 (+5.45) points lunchtime.
With trading volumes rising to over 249.126 million shares, more than the 157.2 million shares traded yesterday, the KSE-100 index saw widespread buying activity.
The Pakistani Rupee (PKR), which increased 1.47 rupees vs the US dollar today, contributed to the upbeat mood.
This rebound comes after the PKR saw a significant drop during the previous trading session.
Out of the 100 index companies, 20 closed lower, 1 remained unchanged, and 77 did not trade.
Commercial Banks (209.86), Oil & Gas Exploration Companies (203.4), Fertilizer (153.15), Power Generation & Distribution (116.92) and Oil & Gas Marketing Companies (94.33) were the top five contributors to the KSE-100 index.
Companies PPL (108.79), ENGRO (104.35), HUBC (90.1), OGDC (79.72), and PSO (57.37) were the ones who added points to the index.
Synthetic & Rayon scored 6.38, Miscellaneous had 3.3, Transport had 2.87, Leather & Tanneries had 2.17, and Property had 1.67 points, all of which underperformed the KSE-100 Index.
RMPL with 9, TRG with 8,07, IBFL with 6.38, PSEL with 4.65, and UNITY with 3.36 points were the companies that pulled the index lower.
With a net gain of 575.64 points, the All-Share index closed at 33,626.52 in the overall market.
The traded value was recorded at Rs14.59 billion, indicating a gain of Rs5.77 billion, while the total market volume was 427.477 million shares, down from 332.607 from the previous session.
A total of 361 entities reported 178,725 deals, of which 255 ended in a profit, 94 in a loss, and 12 remained unchanged.
Notably, the KSE-100 increased by 8,912 points, or 21.5%, during the course of the fiscal year, while the cumulative growth for the current calendar year is 9,945 points, or 24.6%.
