AGL 40.40 Increased By ▲ 0.20 (0.5%)
AIRLINK 129.25 Increased By ▲ 0.14 (0.11%)
BOP 6.81 Increased By ▲ 0.21 (3.18%)
CNERGY 4.13 Increased By ▲ 0.10 (2.48%)
DCL 8.73 Increased By ▲ 0.28 (3.31%)
DFML 41.40 Increased By ▲ 0.15 (0.36%)
DGKC 87.75 Increased By ▲ 0.75 (0.86%)
FCCL 33.85 Increased By ▲ 0.50 (1.5%)
FFBL 66.40 Increased By ▲ 0.50 (0.76%)
FFL 10.69 Increased By ▲ 0.15 (1.42%)
HUBC 113.51 Increased By ▲ 2.81 (2.54%)
HUMNL 15.65 Increased By ▲ 0.42 (2.76%)
KEL 4.87 Increased By ▲ 0.09 (1.88%)
KOSM 7.62 Decreased By ▼ -0.21 (-2.68%)
MLCF 43.10 Increased By ▲ 1.20 (2.86%)
NBP 61.50 Increased By ▲ 1.00 (1.65%)
OGDC 192.20 Increased By ▲ 9.40 (5.14%)
PAEL 27.05 Increased By ▲ 1.69 (6.66%)
PIBTL 7.26 Increased By ▲ 1.00 (15.97%)
PPL 150.50 Increased By ▲ 2.69 (1.82%)
PRL 24.96 Increased By ▲ 0.40 (1.63%)
PTC 16.25 Increased By ▲ 0.01 (0.06%)
SEARL 71.30 Increased By ▲ 0.80 (1.13%)
TELE 7.25 Decreased By ▼ -0.05 (-0.68%)
TOMCL 36.29 Decreased By ▼ -0.01 (-0.03%)
TPLP 8.05 Increased By ▲ 0.20 (2.55%)
TREET 16.30 Increased By ▲ 1.00 (6.54%)
TRG 51.56 Decreased By ▼ -0.14 (-0.27%)
UNITY 27.35 No Change ▼ 0.00 (0%)
WTL 1.27 Increased By ▲ 0.04 (3.25%)
BR100 9,967 Increased By 125.2 (1.27%)
BR30 30,751 Increased By 714.7 (2.38%)
KSE100 93,292 Increased By 771.2 (0.83%)
KSE30 29,017 Increased By 230.5 (0.8%)
Markets

Another day, another high: KSE-100 gains 1.5% to close near 64,000

  • Experts say ongoing momentum signifies boost in investor confidence
Published December 6, 2023

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index witnessed another positive session on Wednesday, as the index closed 1.5% higher and also briefly crossed the 64,000 level for the first time in history.

Wednesday’s session was also largely positive for the benchmark index despite some profit-taking, especially in the second half of the day.

At close, the KSE-100 settled at 63,917.72, up by 961.70 points or 1.53%.

It earlier hit an intra-day high of 64,038.83, highest level in the bourse’s history.

Across-the-board buying was witnessed as index-heavy sectors including cement, chemical, commercial banks, oil and gas exploration companies, OMCs and refinery traded in the green.

On Tuesday, the PSX had witnessed another positive session, with the benchmark KSE-100 closing higher by 463 points or 0.74% to settle at 62,956.03.

Experts say the ongoing upward momentum signifies a boost in investor confidence, driven by optimistic expectations of an improved economic landscape.

They said that the positive outlook is supported by anticipated financial inflows from the International Monetary Fund (IMF) and friendly countries.

Last month, the IMF staff and Pakistani authorities reached a staff-level agreement on first review of the IMF Stand-By Arrangement (SBA) program. The government expects approval from the IMF’s executive board in December.

Experts see status-quo in last monetary policy announcement of 2023

Additionally, there is speculation about a potential reduction in interest rates in the upcoming central bank’s Monetary Policy Committee (MPC) meeting, further enhancing the positive sentiment.

Meanwhile, the rupee continued to gain against the US dollar for the seventh consecutive session as it appreciated 0.08% in the inter-bank market on Wednesday. As per the State Bank of Pakistan, the local unit settled at 284.14 after an increase of Re0.24.

Volume on the all-share index increased to 984.8 million from 765.4 million a session before.

The value of shares rose to Rs35.09 billion from Rs30.8 billion in the previous session.

K-Electric Ltd. remained the volume leader with 143.6 million shares, followed by WorldCall Telecom with 56.8 million shares and Hascol Petrol with 54.5 million shares.

Shares of 386 companies were traded on Wednesday, of which 259 registered an increase, 119 recorded a fall, while 8 remained unchanged.

Comments

Comments are closed.

Fazeel Siddiqui (Overseas Pakistani) Dec 06, 2023 01:01pm
Pull no bull continues. Soon KSE will break 70,000 and after that next will be 80,000. Before elections it should hit 90,000. After that, pull factors will go for massive profit taking to use these funds in elections. Nobody expects good will happen after GE2024.
thumb_up Recommended (0)
Builder Dec 06, 2023 02:03pm
@Fazeel Siddiqui (Overseas Pakistani) those who need funds for elections have other sources. They don't need to invest in stock exchange which is highly volatile. Expect the market to cross 100,000 after elections.
thumb_up Recommended (0)
Muhammad Iftikhar Dec 06, 2023 03:05pm
Volatility is expected to increase before and during elections. After that however, stability prevails on the back of newely elected govt and next IMF Bailout. Furthermore interest rate is likely to be declined to 15% further catalyising the bourse. In long run market depends on the policies of newely elected govt.
thumb_up Recommended (0)
Fazeel Siddiqui (Overseas Pakistani) Dec 06, 2023 04:07pm
@Builder, that's true though but seths are also under pressure by same
thumb_up Recommended (0)
Fazeel Siddiqui (Overseas Pakistani) Dec 06, 2023 04:11pm
It is a well fabricated pull, it may sustain too because technicals depend upon last momentums made by the stock market. Unless there is huge political-economic chaos after elections which in my sense is inevitable.
thumb_up Recommended (0)
Arif Dec 06, 2023 04:12pm
No funds coming from friendly countries except rollover of already received funds and Pakistan is not yet on IMF board agenda.....Let's see how long brokers will keep selling this news of "anticipated' inflows .
thumb_up Recommended (0)
KU Dec 06, 2023 04:43pm
Ce La Vie, Las Vegas of Pakistan!
thumb_up Recommended (0)
Muhammad Iftikhar Dec 06, 2023 06:26pm
@Arif , Pakistan was also not on IMF board meeting agenda in July SBA tranche. And second thing is the schedule is tentative that could be changed later. Go on IMF official website and see this info.
thumb_up Recommended (0)
Muhammad Iftikhar Dec 06, 2023 06:26pm
@Arif , Pakistan was also not on IMF board agenda in July SBA tranche. And second thing is the schedule is tentative that could be changed later. Go on IMF official website and see this info.
thumb_up Recommended (0)
Muhammad Iftikhar Dec 06, 2023 06:26pm
@Arif , Pakistan was also not on IMF board agenda in July SBA tranche. And second thing is the schedule is tentative that could be changed later. Go on IMF official website and see this info.
thumb_up Recommended (0)
SAMIR SARDANA Dec 06, 2023 07:42pm
KSE IS THE BEST PERFORMING INDEX IN LAST 12 MONTHS ! NYSE TRADERS & PUNTERS WILL REALISE THAT THERE IS NO NATION IN THE WORLD WHICH HAS SUCH A HUGE OIL RISK & CORRELATION,AS DOES PAKISTAN ! HIGH OIL ^ GAS KILLS THE PKR,INCREASES COST OF FUEL & POWER & RAISES INDUSTRIAL COSTS, DENTS EXPORTS, CAUSES CAD PROBLEMS & RATIONING ON FUEL ETC - WHICH COMBINED WITH PKR CRASH - CAUSES SURGES IN SMUGGLING ! THIS COMPOUNDS POLITICAL RISK & THE USD SMUGGLING TO & FROM KABUL ! KSE ZOOMED, AS OL RATES DECLINED &THAT PLUS IMF HAS STABILISED PKR ! THAT MEANS INDUSTRIAL COSTS FALL NOW, & EXPORTS RISE IN "FUTURE" . NO SBP RATE HIKES & INFLATION FALLS IN "FUTURE"! ADD TO THAT US FED CIUTS ! SAMIR SARDANA LOOK AT KSE 100 - ALL REFINERS & POWER STOCKS UP 2% ! CEMENT STOCKS UP 2% ,AS COSTS DOWN & MORE MONEY IN POCKET OF PEOPLE ! ALL CHEMICALS ARE UP AS THEIR RAW MATERIAL COSTS ARE LINKED TO OIL ! RATE CUTS MEANS BANKS ARE UP ! PAKSTAN OILFIELDS IS DOWN AS OIL IS DOWN
thumb_up Recommended (0)
Az_Iz Dec 06, 2023 08:13pm
Stock markets in mature economies also see spectacular crashes. But those stay in the market for the long haul, do better. As they say, time in the market , is better than timing the market.
thumb_up Recommended (0)
SAMIR SARDANA Dec 06, 2023 10:15pm
@KU, VEGAS IS BINARY BETS - OUTCOME IS SECONDS KSE IS STRATEGY, PLANNING & PREDICTIVE ANALYTICS ! IT IS THE MOST ACCURATELY PREDICTABLE MARKET IN THE WORLD - ON THE UP & DOWNSIDE ! NO BINARY BETS HERE IN KSE ! AS THE FLOOR IS FUNDAMENATALSL ! IF THERE IS NUKE WAR - UNILEVER PAKISTAN & LUCKY CEMENT HAVE A FLOOR BASED ON FUNDAMENTALS ! EVEN BITCOIN HAS A FUNDAMENTAL VALUE ! COST OF MINING & HASH VALUE & ETF DEMAND ! 1 YEAR IT WAS 15000 & ALL OVER - & NOW IT IS 45000 ! CASINOS ARE NO FUNDAS - ANYTHING CAN HAPPEN ! SO IF YOU BEAT THE CASINOS - U CAN BEAT THE MARKET ! IT IS PURE SCIENCE & ,MATHS! KSE IS CONSUMER &PUNTER PSYCHOLOGY & FUNDAS OF CORPORATES AND ECONOMY ! CASINO BINARY BETS CANNOT BE EXITED & CANNOT BE LONG DATED (ID.EST, YOU CANNOT PLACE BET SAYNG THAT THE 500TH SPIN ON A ROULETTE TABLE 125 IN MONTECARLO WILL BE RED, 3 RD DOZEN, BIG EVEN & IN THE ORPHELIANS.SAMIR SARDANA IN KSE YOU CAN EXIT ANY TIME & TRADE FOR ANY TENOR ! THAT IS WHAT MAKES STOCKS - EASY MONEY !
thumb_up Recommended (0)