Oil and gas, banks propel PSX by 550 points
Last updated on: 24 August,2023 12:30 pm
Stock market’s gains are in complete contrast to the slide experienced by the rupee
KARACHI (Web Desk) – On a day which saw the Pakistan rupee dipped to a new low, the country’s bourse was bullish with the benchmark KSE-100 Index making a 1.16 per cent as the oil and gas companies, banks and cement manufacturers attracted buyers during Thursday’s session.
By the time this report was filed, the KSE-100 Index was recorded at 47,969.05 against the previous closing of 47,418.63, representing a 550.42 points gain.
After touching 48,164.55 on August 2 thanks to a huge surge since June 26 amid the expected and later finalised IMF deal, the benchmark index has been hovering around the 48,000 mark.
It means the market has made a net gain of 7,903.73 since the June 26 session, mainly driven by the oil and gas sector which is expecting a huge investment from the Gulf States.
It’s a developing story. Details to follow.