Pakistan Space Agency
SENIOR MEMBER
- Joined
- Apr 22, 2019
- Messages
- 5,341
- Reaction score
- -29
- Country
- Location
Record run continues: KSE-100 crosses 101,000 with nearly 1,300-point gain
- Banking, energy stocks drive buying rally
Published November 29, 2024
The benchmark KSE-100 Index continued its positive momentum on Friday, building on the 100,000 milestone achieved a day earlier to settle at a new record high.
Investor optimism at the Pakistan Stock Exchange (PSX) drove the buying momentum throughout the trading session and at close, the benchmark index settled at a new all-time high of 101,357.32 after an increase of 1,274.55 points or 1.27%.
Buying was witnessed in key sectors including commercial banks, oil and gas exploration companies, OMCs, power generation and refinery sectors.
Index-heavy stocks including ATRL, HUBCO, SSGC, PSO, PPL, OGDC, HBL, NBP and MCB traded in the green.
The PSX made history on Thursday, as the benchmark KSE-100 Index settled above the 100,000 level for the first time, continuing a remarkable turnaround after it had plunged earlier in the week due to violent protests in Islamabad.
Experts say a combination of exchange rate stability, a transition from one $3-billion Stand-By Arrangement to another longer facility with the International Monetary Fund (IMF), improvement in index-heavy sector’s earnings, and a general mood for stocks after monetary easing have been just a few factors behind the KSE-100’s phenomenal rise.
Globally, Asian shares slipped on Friday while the yen was aiming for its best week in four months as strong local inflation data had traders favouring an imminent rate hike from the Bank of Japan.
Overnight, trading in US equities and Treasuries was closed due to the Thanksgiving holiday, leaving little lead for Asia.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.3% and was down 0.5% for the week.
Japan’s Nikkei dropped 0.7% as the yen surged after Tokyo’s inflation data. Data showed core consumer prices in Japan’s capital accelerated in November and stayed above the central bank’s 2% target in a sign of broadening price pressure.
Volume on the all-share index decreased to 915.51 million from 1,164.79 million on Thursday.
The value of shares decreased to Rs35.98 billion from Rs39.78 billion in the previous session.
B.O.Punjab was the volume leader with 95.56 million shares, followed by K-Electric Ltd with 55.53 million shares, and Sui South Gas with 44.80 million shares.
Shares of 454 companies were traded on Friday, of which 265 registered an increase, 137 recorded a fall, while 52 remained unchanged.
Record run continues: KSE-100 crosses 101,000 with nearly 1,300-point gain
Banking, energy stocks drive buying rally
www.brecorder.com
Last edited:
