The Pakistan Stock Exchange (PSX) witnessed another positive session on Monday, as its benchmark KSE-100 Index gained 228 points, mainly on rupee’s continuous merry run against the US dollar.
During early-day trading, the KSE-100 went into the negative zone, hitting an intra-day low of 47,217.74. However, a buying-spree witnessed later pushed the index into positive territory.
At close, the benchmark index settled at 47,721.80, up by 228.23 points or 0.48%.
“The equity market witnessed a positive session today [Monday] amid continuous appreciation of PKR,” brokerage house Ismail Iqbal Securities stated in its post-market report.
It was the sixth consecutive positive close at the KSE-100 Index.
On Friday, the index gained 41.19 points and closed the week 2.73% stronger.
According to brokerage house Topline Securities, the early day sell-off on Monday can be attributed to an uptick in international oil prices, in the backdrop Middle East conflict between Israel and Hamas forces where a full-blown fighting initiated over the weekend.
Meanwhile, the Pakistani rupee continued its merry run against the US dollar, appreciating 0.37% in the inter-bank market on Monday. As per the State Bank of Pakistan, the local unit settled at 281.65 after an increase of Rs1.04 in the inter-bank market.
This was the rupee’s 23rd successive increase against the dollar, making it one of the longest appreciation runs in history.
Volumes on the all-share index slightly decreased to 233.66 million from 246.38 million on Friday.
The value of shares was recorded at Rs7.07 billion from Rs7.18 billion in the previous session.
K-Electric Ltd. remained the volume leader with 38.5 million shares, followed by WorldCall Telecom with 25.2 million shares and P.I.A.C.(A) with 12.3 million shares.
Shares of 334 companies were traded on Monday, of which 150 registered an increase, 168 recorded a fall, and 16 remained unchanged.
Comments
Comments are closed for this article.