Stocks go through the roof by surpassing 85,000 mark
Business
Improving macroeconomic outlook with prospects of policy rate cut boost market sentiment
KARACHI (Dunya News) – The Pakistan Stock Exchange (PSX) continued its history-making spree on the second day of trade with bulls on accelerator.
With 686.5 points gain, the KSE-100 index surged to a record 85,597 points with an increase of 0.81 percent.
The latest upward spree in the stock market is said to be linked with positive sentiment caused by another possible rate cut of 150-200 basis points. The market analysts attribute the bullish trend to improving macroeconomic outlook with prospects of potential policy rate cut soon.
Moreover, due to increased interest in top of the line performing sectors which include automobile assemblers, cement, commercial banks, fertiliser, and oil companies, investors’ confidence has boosted.
PSX CROSSES ANOTHER MILESTONE
Positive sentiments prevailed over the 100-Index of the Pakistan Stock Exchange (PSX) as it continued with a bullish trend at the start of the week, gaining 1,378.34 more points, a positive change of 1.65 percent, reaching an all-time high of 84,910.30 points against 83,531.96 points on the last trading day.
A total of 449,507,635 shares were traded during the day compared to 381,529,555 shares the previous trading day, whereas the price of shares stood at Rs30.196 billion against Rs20.523 billion on the last trading day.
As many as 448 companies transacted their shares in the stock market, 224 of them recorded gains and 86 sustained losses, whereas the share price of three companies remained unchanged.
