The Pakistan Stock Exchange (PSX) witnessed another bullish session on Tuesday as its benchmark KSE-100 Index gained 381 points to settle near 66,000.
The KSE-100 started the session positive and largely continued the bullish trend till end of the session. It hit an intra-day high of 65,989.54 during the session.
At close, the benchmark index settled at 65,906.28, up by 380.63 points or 0.58%.
On Monday, the KSE-100 gained 373.82 points, a momentum led by buying in index-heavy oil and gas stocks.
The 66,000-point level has remained a major resistance point over the past several weeks.
In a key development, Oil and Gas Development Company Limited (OGDCL), the country’s largest exploration and production (E&P) state-owned company, announced the discovery of hydrocarbon reserves at Togh-02 well, located in Kohat, district, Khyber Pakhtunkhwa.
The Board of Directors (BoD) of Pakistan International Airlines (PIA) approved the privatisation and restructuring plan of the company.
The company shared the development in its notice to the PSX.
“The Board of Directors of the company in its 83rd meeting held on March 25, 2024 has approved the Scheme of Arrangement (SOA) for restructuring and privatisation of Pakistan International Airlines Corporation Limited along with its ancillary modalities, to be filed with Securities and Exchange Commission of Pakistan (SECP),” read the notice to the bourse.
Moreover, the country’s 10 power Distribution Companies (Discos) have approached the National Electric Power Regulatory Authority (NEPRA) to further burden consumers with Rs 2.765 trillion for adjustment/indexation of different tariff components of tariff for the year 2024-25 multi-Year Tariff (MYT) components, Business Recorder reported on Tuesday.
Meanwhile, the Pakistani rupee remained largely stable against the US dollar, appreciating a marginal 0.01% in the inter-bank market on Tuesday. At close, the local unit settled at 278.10, up by Re0.03 against the greenback, as per the State Bank of Pakistan.
Volume on the all-share index increased to 303.71 million from 261.2 million a session ago.
The value of shares rose to Rs12.07 billion from Rs8.94 billion in the previous session.
P.I.A.C.(A) was the volume leader with 30.3 million shares, followed by P.T.C.L. with 28.14 million shares, and National BankXD with 21.03 million shares.
Shares of 336 companies were traded on Tuesday, of which 173 registered an increase, 144 recorded a fall, while 19 remained unchanged.
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