KSE-100 crosses 43,000 after fourth successive positive finish

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 maintained its winning streak for a fourth consecutive session on Monday, with the index rallying to close over the 43,000-point mark after a 179-point gain.

Lack of concrete developments, however, meant stocks traded sideways, coupled with massive drop in investor participation, as the index remained in a narrow range.

The prolonged rally has still added 1,090 points to the market since Wednesday.

At close on Monday, the KSE-100 finished with an increase of 178.69 points, or 0.42%, to close at 43,040.14.

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Investor interest has come on back of the local currency also extending its gain on Monday.

Trading began with a spike and the market marched upward in initial hours, however, lack of concrete developments pulled it lower by mid-day. The market staged a marginal recovery in later hours and closed upward.

A report from Capital Stake stated that the PSX started the week on a positive note. Indices traded in green all day long while volumes contracted from previous session. Equity markets around the globe showed positive trend.

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Sectors driving the benchmark KSE-100 index upwards included oil and gas exploration (90.17 points), technology and communications (28.36 points) and oil and gas marketing (26.53 points).

Volume on the all-share index plunged 187.5 million from 527.7 million on Friday. The value of shares traded plunged to Rs6.12 billion from Rs13.97 billion recorded in the previous session.

TPL Properties was the volume leader with 18.5 million shares, followed by Pakistan Refinery with 17.2 million shares, and Cnergyico PK with 9.9 million shares.

Shares of 335 companies were traded on Monday, of which 138 registered an increase, 179 recorded a fall, and 18 remained unchanged.