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Markets

Bulls return to PSX as KSE-100 closes nearly 500 points higher

  • Corporate results, political clarity on formation of govt keep investors interested
Published February 28, 2024

After a lacklustre session on Tuesday, positive momentum was witnessed at the Pakistan Stock Exchange (PSX) as the benchmark KSE-100 Index gained nearly 500 points on Wednesday.

The KSE-100 started the session positive and reached an intra-day high of 63,929.58. However, some late-session profit taking trimmed the gains.

At close, the benchmark index settled at 63,703.45, up by 484.35 points or 0.77%.

Experts said the buying spree came on the back of stability on the political front as a coalition government, led by Pakistan Muslim League-Nawaz (PML-N) and Pakistan Peoples’ Party (PPP), is expected to take charge in the centre, with a National Assembly session expected on February 29.

During the year 2023, profitability of the KSE-100 Index grew 51% to over Rs1.5 trillion on a year-on-year basis as banks and exploration and production (E&P) companies led the rise during the calendar year.

The growth in 2023 is much higher than of 9.4% the KSE-100 companies witnessed in 2022.

Globally, China stocks retreated on Wednesday, with some investors booking profit after a recent rally led by policy support, while property woes added to investor concerns after a liquidation petition was filed against developer Country Garden.

The broad Asian stock market also remained tentative ahead of a US inflation reading this week that could influence the timing of the Federal Reserve’s easing cycle.

On Tuesday, the PSX witnessed a volatile session as its benchmark KSE-100 Index closed in the red to settle at 63,219.10, down by 86.83 points or 0.14%.

Meanwhile, the Pakistani rupee strengthened against the US dollar, appreciating 0.06% in the inter-bank market on Wednesday. At close, the local unit settled at 279.12, a loss of Re0.16 against the greenback, as per the State Bank of Pakistan (SBP).

Volume on the all-share index increased to 461.39 million from 409.96 million a session ago.

The value of shares rose to Rs16 billion from Rs14.67 billion in the previous session.

Cnergyico PK was the volume leader with 62.2 million shares, followed by K-Electric Ltd with 45.5 million shares, and Hascol Petrol with 30.5 million shares.

Shares of 355 companies were traded on Wednesday, of which 180 registered an increase, 149 recorded a fall, while 26 remained unchanged.

Comments

200 characters
Arif Feb 28, 2024 03:02pm
Government JIT to investigate why it hasn’t crossed 65,000 yet .
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Sedra Feb 28, 2024 03:05pm
Assalamu alaikum
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Atif jameel Feb 28, 2024 07:41pm
please NOC send i need urgent
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Haseeb uddin Azam Toor Feb 28, 2024 10:41pm
bull returning to psx. You can also say bears returning to psx. Because both are same persons. When have bought sharks they become bulls. When they have to buy shares, they become bears.
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