PSX Closing Bell: A Progressing Path
In the first five minutes of trading, the benchmark KSE-100 index reached its daily high of 49,919 (+426 points), signaling a strong start to the week on the Pakistan Stock Exchange (PSX).
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Investors chose to lock in some profits, nevertheless, close to the psychological threshold of 50,000.
As a result, the market saw a brief period of decline, peaking at 49,317.59 (-175.88 points) intraday before turning around.
The KSE-100 index increased by 237.88, or 0.48%, from the previous close to close, closing at 49,731.35.
The KSE-100 Index had a total volume of 296.341 million shares.
The government's announcement today that petrol and diesel prices would be significantly reduced by Rs 40 and Rs 15 per litre, respectively, greatly improved the mood of the market and gave much-needed respite to customers.
Note that the KSE-100 jumped by 4.2% last week due to impending corporate earnings, where the market anticipates respectable profits, and the rupee's ongoing increase in value relative to the US dollar.
In the meantime, the PSMC news from last week has also contributed to the improvement in consumers' attitudes today.
Out of the 100 index companies that were traded during the session, 58 ended the day higher, 37 lower, and 5 not traded.
Technology & Communication (83.88), Engineering (40.87), Miscellaneous (25.37), Automotive Parts & Accessories (18.73), and Investment Banks / Investment Companies / Securities Companies (17.84) were the sectors that backed the KSE-100 index.
TRG with 65.5, PSEL with 22.65, THALL with 18.73, MLCF with 18.12, and MCB with 17.61 points were the companies that added points to the index.
Fertilizer (42.85), Chemicals (5.65), Commercial Banks (4.62), Refinery (3.32), and Pharmaceuticals (2.28 points) were the KSE-100 Index's weakest sectors.
ENGRO with 17.16, UBL with 15.66, LUCK with 15.09, MEBL with 12.62, and FFC with 12 points were the companies that pulled the index lower.
With a net gain of 169.62 points, the All-Share index closed at 33,219.03 in the overall market.
The total number of shares traded was 467.384 million, down from 556.390 in the previous session. The traded value was recorded at Rs14.12 billion, indicating a loss of Rs1.33 billion.
A total of 359 entities reported 189,955 trades, of which 218 ended in a profit, 129 in a loss, and 12 remained unchanged.
