Pakistan Stock Exchange Gains 230 Points to Reach Another Historic High

Mon Apr 15 2024
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ISLAMABAD: After crossing the historic high of 70,000, the KSE-100 Index further consolidated, gaining an additional 230 points on the first day after Eid Holidays (Monday), despite slight selling pressure in the morning. At close, the index settled at 70,544.58, marking a gain of 0.33 percent.

Earlier in the morning, the index remained under pressure due to global changes, including tensions in the Middle East following the Iran-Israel conflict. However, the market stabilized later in the day as media reported some positive news indicating no further escalation in the issue.

Additionally, amid a significant development, Pakistan’s economic team, led by Finance Minister Muhammad Aurangzeb, departed for the USA last Sunday to hold talks with the International Monetary Fund (IMF), bringing some positive news for the market.

Talks between Pakistan and the IMF are scheduled for this week in Washington, with the government team expected to request approval of a new loan program. The main ministerial meetings and events will take place from April 17-19.

Meanwhile, on Monday, trading volume on the all-share index increased to 555.2 million shares from the previous session’s figure of 389.4 million, while the value of shares rose to Rs21.98 billion from Rs17.27 billion in the previous session.

WorldCall Telecom led in trading volume among the top-three companies with 88.62 million shares, followed by Fauji Cement with 33.10 million shares, and Fauji Foods Ltd settling with 30.02 million shares.

In total, 353 companies traded their shares, with 180 gaining, 156 declining, and the share price of 17 companies remaining unchanged.

Bullish Trend in PSX

In recent months, the market has experienced fluctuating trends, with dominant bullish sentiments. The index has crossed several historic milestones, gaining about 60% in the last 8 months.

In November 2023, the 100-index surpassed 8,000 points, and over the last seven months, it has exceeded 24,000 points.

The index achieved several consecutive all-time highs, reaching the historic 66,000 benchmark for the first time in the first quarter of December 2024. However, from December 13, 2023, the index witnessed significant declines, notably on December 20th (over 2,300 points), December 22nd (over 1,100 points), and December 26th, 2023 (over 2,500 points).

Subsequently, the market rebounded by over 2,900 points, followed by another historic bullish run on January 1st, gaining over 2,200 points. In recent days, the market accelerated its pace, surpassing the new historic high of 67,000 on March 28th, and crossing the 68,000 benchmark in the first week of April, before finally reaching the historic 70,000 mark..



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