ISLAMABAD: Like the previous week, the Pakistan Stock Exchange (PSX) continued its upward trend in the current week while setting new records for a number of times. On Monday, the 100 Index gained 725 more points to settle at 59,811.34 against the previous day’s stand of 59086.
With the recent gain, the index reached very close to the 60000 mark. The index reached an all-time high for a number of times during the last couple of weeks.
Earlier on Monday, the KSE-100 observed range-bound trading in the first few hours of the session as it went below the last-day range; however, in the second part of the day, the market bounced back amid continued buying with a positive change of 1.23 percent.
During the day, buying was witnessed in the heavy sectors, including automobile assemblers, banking, and construction sectors.
Experts said that the market is also expecting a policy rate cut in the upcoming Monetary Policy Committee (MPC) meeting scheduled to be held next month (December), which would improve the liquidity position at the bourse.
Meanwhile, the Pakistani rupee continued to fall for the third successive session against the US dollar as it depreciated 0.09% in the inter-bank market on Monday. As per the State Bank of Pakistan, the local currency settled at 285.64, a decrease of Re0.27.
On Monday, 657,580,760 shares valuing Rs 20.272 billion were transacted against 658,424,782 shares valuing Rs 22.015 billion on Friday.
In total, 391 companies traded their shares in the stock market; 245 of them recorded gains and were in the green zone, and 121 sustained losses in the red zone, whereas the share prices of 25 remained unchanged.
Kohinoor Spinning remained the volume leader among the top-trading companies with 109,392,000 shares at Rs4.00 per share, followed by WorldCall Telecom with 43,313,979 shares at Rs 1.52 per share, whereas Yousuf Weaving settled as number three from the top with 22,758,500 shares at Rs 4.24 per share.
Hoechst Pak Ltd recorded a maximum appreciation of Rs 88.11 per share price, closing at Rs 1,263.00, followed by Ismail Ind with an increase of Rs 75.12 in its per share price to Rs 1,076.72.
Nestle Pakistan recorded a maximum decline of Rs 117.50 per share, closing at Rs 8,450.00, followed by Rafhan Maize, with a decline of Rs 91.97, closing at Rs 10,390.38.
Record Bullish Trend at PSX
During the last couple of weeks, the Pakistan Stock Exchange recorded a remarkable. Experts believe the recent bullish trend made the KSE-100 index as the top performer in Asia, where the index went up more than 7000 points in just a couple of weeks. In addition, the volume of trade also increased to a significant level.
In addition, the last four days witnessed four consecutive all-time highs at PSX. on Wednesday, the 100 Index crossed the 58,000 level for the first time in history. On Thursday, the index reached a new historic high and reached near the 59000 mark, on Friday, it crossed the fifty-nine thousand benchmark, and on Monday, the index closed to the 60000 mark.
According to the experts, the continued upward and positive sentiments in the market were due to the recent agreement between Pakistan and the International Monetary Fund (IMF) to reach a staff-level agreement on the first review for 9-month Stand-By Arrangement (SBA) of $3bn. After the completion of the process, the next tranche of the IMF is expected in the first week of December.
