KSE-100 index settles at 42,001.34 points with an increase of 0.33%.
Remittance receipts motivate investors to assume fresh positions.
Bullish investor spirits helped the index end the day on a positive note.
KARACHI: The Pakistan Stock Exchange (PSX) resumed its upward march on Tuesday aided by strong economic cues and encouraging remittance data.
Resultantly, the KSE-100 index breached the psychological barrier of 42,000 points.
Investors weighed sentiments on encouraging remittances reading, which clocked-in at $2.7 billion in August 2022. The strong receipts motivated investors to assume fresh positions.
The KSE-100 index spiked as soon as trading began and gained nearly 200 points, however, the momentum was broken as investors resorted to profit-booking that erased a few of the gains by the end of the session. Bullish investor spirits helped the index end the day on a positive note.
At close, the benchmark KSE-100 index settled at 42,001.34 points with an increase of 139.05 points, or 0.33%.
Arif Habib Limited in its post-market commentary noted that another range-bound session was witnessed at the PSX today.
“The market opened in a positive zone and continued to trade in a consolidated range as investor’s participation remained dull throughout the day due to weakening Pakistani rupee against the US dollar,” it said.
However, in the last trading hour value buying was noticed.
Sectors contributing to the performance included banks (+75 points), automobile assemblers (+35.7 points), cement (+33.5 points), power (+22 points), and textile (+8.5 points).
Shares of 324 companies were traded during the session. At the close of trading, 145 scrips closed in the green, 151 in the red, and 28 remained unchanged.
Overall trading volumes soared to 118.51 million shares compared with Monday’s tally of 161.42 million. The value of shares traded during the day was Rs3.87 billion.
Hascol Petroleum was the volume leader with 10.21 million shares traded, gaining Rs0.21 to close at Rs6.81. It was followed by K-Electric with 6.92 million shares traded, losing Rs0.01 to close at Rs3.21 and Quice Food Industries with 5.41 million shares traded, gaining Rs0.66 to close at Rs4.53.
Pakistan’s economic growth is projected to be three percent in the fiscal year 2025, according to the Asian Development Bank’s revised prediction, which is an upward revision from the previous forecast.
The historic 113,213-point milestone has been surpassed for the first time by the Pakistan Stock Exchange (PSX), setting a new record.
The stock market experienced a spectacular start to the trading session, rising 1,400 points in just 30 minutes. At an all-time high of 112,277 points, the KSE-100 Index jumped 1,467 points.
With the index rising 1,200 points in just 15 minutes after the market began, the PSX had already reached another milestone. At 112,041 points, the KSE-100 Index had risen 1,231 points.
In another example of record-breaking performance, the PSX saw a 1,000-point spike in just 10 minutes. The KSE-100 Index rose 1,100 points to 111,911 points, regaining the 111,000-point milestone and hitting its highest level ever.
The PSX’s exceptional performance establishes it as a crucial gauge of economic optimism by highlighting robust investor confidence and substantial market momentum.
A $200 million loan from the Asian Development Bank (ADB) has been authorized to update Pakistan’s power distribution system.
The project intends to improve data management and communication networks and deploy more than 300,000 smart metering equipment.
The project will involve improvements to voltage levels at SEPCO grid stations and monitoring systems for 15,500 transformers. LESCO plans to build or upgrade 25 grid stations with cutting-edge machinery. The initiative will reinforce income security, enhance demand management, and lower power losses, all of which will help to address