Oil and gas, banks propel PSX by 550 points

Oil and gas, banks propel PSX by 550 points

Business

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.