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PSX KSE-100 Index Hits Record High Amidst Positive Market Sentiment

Web DeskJune 20, 2024 05:55 PMbusiness
  • PSX KSE-100 Index reaches all-time high of 78,802 points post-Eid holidays
  • Banking sector drives market rally with significant buying interest
  • Positive momentum attributed to upcoming budget and potential IMF deal impact
PSX KSE-100 Index Hits Record High Amidst Positive Market SentimentImage Credits: brecorder
The Pakistan Stock Exchange sees a surge as the KSE-100 Index hits a new high post-Eid holidays, driven by the banking sector and positive market sentiment.

The Pakistan Stock Exchange (PSX) witnessed a remarkable start to the trading week post-Eid holidays, with the KSE-100 Index soaring to a new all-time high of 78,802 points. This surge, marking a 2.73% increase, was fueled by significant buying interest in the banking sector, among other key industries.

Following a three-day closure for Eid-ul-Adha, investors returned to a bullish market, with sectors like automobile assemblers, commercial banks, fertiliser, and oil and gas exploration companies experiencing heightened activity. Notable gainers included OGDC, POL, SHEL, SNGPL, MEBL, and HBL, with the banking sector playing a pivotal role in driving the market rally.

Market analysts attribute this positive momentum to expectations surrounding the upcoming budget and its potential impact on securing a long-term IMF deal. The previous week also saw a substantial uptrend, with the KSE-100 index closing at 76,706.77, reflecting a 2,952.75 point increase.

Over the past year, the PSX has demonstrated significant growth, with gains exceeding 95% in PKR terms and 100% in USD terms. This optimism is further bolstered by Pakistan's ongoing negotiations for a substantial IMF bailout package.

Internationally, Indian markets opened on a positive note, driven by private sector banks, while pharma stocks experienced a decline. The NSE Nifty 50 and S&P BSE Sensex in India showed modest gains, reflecting a mixed trend in the regional markets.

In currency markets, the Pakistani rupee saw a slight depreciation against the US dollar, with trading volumes fluctuating across the board. Silk Bank Ltd emerged as a volume leader on the all-share index, showcasing varied investor activity in the financial sector.

The current market dynamics highlight a blend of local and global factors shaping investor sentiment and trading patterns. The record-breaking performance of the KSE-100 Index underscores the resilience and potential of Pakistan's financial markets amidst evolving economic landscapes.

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