The Pakistan Stock Exchange (PSX) on Monday snapped its eight-session losing spell and the KSE-100 index rose 1.31% owing to a steep recovery in the rupee against the US dollar on the back of improved sentiment in the currency market.
As a result, the KSE-100 finished the day with an increase of 531.33 points or 1.31% to close at 41,151.54.
Eighth consecutive decline: KSE-100 drops 0.75% in mixed trading
Trading began on a positive note and the KSE-100 Index maintained its ascent throughout the session. The market crossed the 41,000-point mark in the second half.
Index-heavy automobile, cement and banking spaces closed with gains.
A report from Capital Stake stated that taking a break from the bleak sessions of the previous week, the PSX ended the session on Monday in green.
Indices moved north from the word go while volumes jumped from last close. As per analysts, decline in global oil prices as well as recovery of the Pakistani rupee played a major role in helping investor confidence, the report said.
In its report, Topline Securities stated that equities closed green where benchmark KSE-100 Index settled at 41,151 level (up 1.31%).
“The day kicked off on a positive note over declining international commodities prices and strengthening rupee over dollar led the market to make an intraday high of 576 points,” the report said.
On the economic front, local rupee recovered Rs2.63 or 1.1% against the US dollar on day-on-day basis closing the session at Rs237.
Sectors propelling the benchmark KSE-100 Index forward, included technology and communication sector (111.76 points), power generation and distribution sector (104.40 points) and cement sector (81.84 points).
Volume on the all-share index rose to 213 million from 165.3 million on Friday. On the other hand, the value of shares traded surged to Rs9.5 billion from Rs6.87 billion recorded in the previous session.
TRG Pakistan was the volume leader with 27.4 million shares, followed by Cnergyico PK with 17.4 million shares and Unity Foods with 15.4 million shares
Shares of 326 companies were traded on Monday, of which 224 registered an increase, 79 recorded a fall, and 23 remained unchanged.
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