{"id":10129,"date":"2024-11-14T11:05:22","date_gmt":"2024-11-14T11:05:22","guid":{"rendered":"https:\/\/gsrra.com\/?p=10129"},"modified":"2024-11-14T11:05:23","modified_gmt":"2024-11-14T11:05:23","slug":"psx-hits-another-all-time-high-as-kse-100-index-breaches-94000-barrier","status":"publish","type":"post","link":"https:\/\/gsrra.com\/?p=10129","title":{"rendered":"PSX hits another all-time high as KSE-100 index breaches 94,000 barrier"},"content":{"rendered":"\n

The market began the day with a surge of 547 points<\/em><\/strong><\/p>\n\n\n\n

The Pakistan Stock Exchange (PSX) continued to experience a strong bullish trend today, with the KSE-100 index surpassing 94,000 points during intra day trading on Thursday,<\/p>\n\n\n\n

The market began the day with a surge of 547 points, pushing the index to 93,903 points.<\/p>\n\n\n\n

As investor confidence grew, the market continued its upward momentum, reaching a peak of 94,217 points with a gain of 816 points at one point.<\/p>\n\n\n\n

By 12 PM, the KSE-100 index had risen by 799 points, reaching 94,154 points.<\/p>\n\n\n\n

This follows a strong start to the business week, where the index had already crossed the 94,000 mark.<\/p>\n\n\n\n

Ealier, Pakistan Stock Exchange (PSX) on Wednesday entered a consolidation phase after breaking many all-time high records in recent weeks and closed with a modest gain of 131 points on investor interest mainly in second and third-tier stocks.<\/p>\n\n\n\n

The KSE-100 index oscillated between the high of 93,804 points and low of 92,943 points, before closing the day with some recovery, driven by a robust car sales data and easing fears of a mini-budget announcement. It came despite hefty stock selling by foreign investors.<\/p>\n\n\n\n

In the morning, the market was pulled down to the intra-day low by profit-taking, however, it soon recovered owing to buying interest in selected stocks, which took the index into the positive territory.<\/p>\n\n\n\n

“Stocks showed some recovery on the back of second and third-tier shares because of their strong valuations,” said Ahsan Mehanti, MD of Arif Habib Corporation.<\/p>\n\n\n\n

“Upbeat data of car sales that surged 112% year-on-year in October and FBR’s assurance to the IMF about dropping contingency measures for a mini-budget played the role of catalysts in positive close at the PSX,” he said.<\/p>\n\n\n\n

At the close of trading, the benchmark KSE-100 index recorded an increase of 130.86 points, or 0.14%, to 93,355.43.<\/p>\n\n\n\n

Topline Securities, in its review, wrote that trading activity remained strong throughout the day, with 806 million shares changing hands, valuing at Rs31 billion.<\/p>\n\n\n\n

It said the market exhibited a consolidation phase, with the KSE-100 index reaching the peak of 93,804 and dipping to the low of 92,943, before settling at 93,355, up 131 points.<\/p>\n\n\n\n

Notably, consistent buying by mutual funds supported the market in the recent rally.<\/p>\n\n\n\n

The index was boosted by positive contribution from Mari Petroleum, Lucky Cement, The Searle Company, Engro Corp and Pakistan Oilfields, which collectively added 461 points.<\/p>\n\n\n\n

Conversely, Oil and Gas Development Company, Fauji Fertiliser Company and Meezan Bank experienced some profit-taking, resulting in a combined loss of 213 points, Topline added.<\/p>\n\n\n\n

In its research report, AHL commented that Wednesday’s trading session was unpredictable, with the KSE-100 index consolidating within the 92,000-94,000 range.<\/p>\n\n\n\n

A total of 40 stocks rose, while 57 declined. Among the top contributors to the index gains were Mari Petroleum (+7.07%), Lucky Cement (+2.89%) and The Searle Company (+10%), it said.<\/p>\n\n\n\n

Among corporate developments, Bank Alfalah (-0.01%) withdrew its buy offer for Samba Bank (-9.13%) after Saudi National Bank terminated the process of selling its 84.51% shareholding in Samba Bank, AHL reported.<\/p>\n\n\n\n

In addition, Rousch Power approved a negotiated settlement to end its power purchase agreement, which was originally due to expire in 2032, and receive payments till the end of December 2024, AHL added.<\/p>\n\n\n\n

JS Global analyst Mubashir Anis Naviwala wrote that initially the market experienced some consolidation, with the index reaching the intra-day low of 92,943.<\/p>\n\n\n\n

However, he said, bulls took charge and the market began to recover, hitting the high of 93,803 points. The KSE-100 index ultimately closed at 93,355, gaining 131 points.<\/p>\n\n\n\n

Overall trading volumes increased to 807.1 million shares compared with Tuesday’s tally of 792.9 million. The value of shares traded during the day was Rs31.7 billion.<\/p>\n\n\n\n

Shares of 450 companies were traded. Of these, 196 stocks closed higher, 191 fell and 63 remained unchanged.<\/p>\n\n\n\n

WorldCall Telecom was the volume leader with trading in 43.3 million shares, losing Rs0.01 to close at Rs1.26.<\/p>\n\n\n\n

It was followed by Waves Home Appliances with 33.2 million shares, gaining Rs0.90 to close at Rs8.79, and Pakistan Refinery with 31.5 million shares, remaining unchanged at Rs26.88.<\/p>\n\n\n\n

During the day, foreign investors sold shares worth a net Rs1.39 billion, according to the NCCPL.<\/p>\n\n\n\n

Reference Link:- https:\/\/tribune.com.pk\/story\/2509547\/psx-hits-another-all-time-high-as-kse-100-index-breaches-94000-barrier<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The market began the day with a surge of 547 points The Pakistan Stock Exchange (PSX) continued to experience a strong bullish trend today, with the KSE-100 index surpassing 94,000 points during intra day trading on Thursday, The market began the day with a surge of 547 points, pushing the index to 93,903 points. As investor […]<\/p>\n","protected":false},"author":1,"featured_media":10130,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[2],"tags":[132,105,5936,36,5935,4597,4381],"class_list":["post-10129","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sample-category","tag-economy","tag-geopolitics-2","tag-healthy-conomy","tag-pakistan","tag-pakistan-stock-exchange","tag-positive-indicators","tag-stable-economy-2"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts\/10129","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10129"}],"version-history":[{"count":1,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts\/10129\/revisions"}],"predecessor-version":[{"id":10131,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts\/10129\/revisions\/10131"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/media\/10130"}],"wp:attachment":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10129"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10129"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10129"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}