Boosted by positive indicators, KSE-100 surges over 750 points to close at record high
- Buying seen largely across all index-heavy sectors as index settles at its highest closing of 82,721.76
Positive sentiment prevailed at the Pakistan Stock Exchange (PSX) as the benchmark KSE-100 Index gained over 750 points to close at a new record high on Thursday.
At close, the benchmark index settled at 82,721.76, an increase of 754.76 points or 0.92%.
Buying was seen in key sectors including automobile, cement, commercial banks, fertilizer, oil and gas exploration companies and OMCs. Index-heavy stocks including HBL, BAFL, FFC, EFERT, OGDC, PPL and PSO traded in the green.
The improved sentiment comes on the back of positive indicators including a decline in the CPI inflation rate, which has raised expectations of a further policy rate cut in the market.
Moreover, the government initiation of T-bills buyback programme is expected to improve liquidity position of the capital market.
On Wednesday, the PSX witnessed mixed trading, as the benchmark KSE-100 Index swayed in both directions before closing at 81,967.01, up by 162.41 points or 0.20%.
Globally, Japanese shares rallied on Thursday as the yen extended losses after the new prime minister dampened interest rate hike expectations, while Hong Kong sank for the first time in more than a week after a blistering China-fuelled surge.
Traders remain on edge, however, as they await Israel’s response to Iran’s missile attack on Tuesday, which has fanned fears of a regional conflict in the Middle East, pushing oil prices ever higher.
Prime Minister Benjamin Netanyahu vowed to make Tehran pay for its “big mistake”, while Iran threatened to hit all Israeli infrastructure if attacked.
Other Asian markets rose, with Sydney, Singapore, Wellington, Manila and Jakarta all in the green.
Meanwhile, the Pakistani rupee registered a marginal decline against the US dollar, depreciating 0.03% against the US dollar in the inter-bank market on Thursday. At close, the currency settled at 277.74, a loss of Re0.10 against the greenback.
Volume on the all-share index decreased to 319.88 million from 360.99 million on Wednesday.
However, the value of shares increased to Rs16.41 billion from Rs15.39 billion in the previous session.
WorldCall Telecom was the volume leader with 23.24 million shares, followed by Fauji Cement with 21.63 million shares, and Fauji Fert Bin with 15.26 million shares.
Shares of 448 companies were traded on Thursday, of which 207 registered an increase, 185 recorded a fall, while 56 remained unchanged.
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