The upward trend at the Pakistan Stock Exchange (PSX) was overshadowed by profit-taking in the second half of the trading session, as the benchmark KSE-100 Index fell below the 49,000 level on Thursday.
The benchmark index rose by roughly 640 points to an intraday high of 49,404.50 earlier in the day.
The benchmark, however, fell as a result of investors consolidating gains and booking profits.
The index was up 220.52 points, or 0.45%, and hovering around the 48,985.07 mark at about 2:35 p.m.
Previous KSE-100 Index Ratings
The benchmark KSE-100 Index had reached a six-year high the day before, settling at 48,764.55.
Cement, chemicals, commercial banks, pharmaceuticals, and OMCs are among the index-heavy industries that have seen ongoing buying, while automakers and oil and gas exploration firms continue to trade in a range.
For the PSX, which has been under pressure for years due to several variables such as political unpredictability, pandemic, and economic suffering in Pakistan, the index’s earlier breach of the 49,000 barrier marked a significant milestone. This was the index’s first time doing so in more than six years.
KSE100 crossed 49k level, six year high level
KSE-100 index went up by 374 points (49,139 pts, +0.77%, on intraday basis) DoD ; the 49k level crossed after ~ six years (last seen on June 09, 2017).
The market gained 7,686 points (+18.5%) since staff level agreement with the IMF… pic.twitter.com/qQXaMFpfro
— Arif Habib Limited (@ArifHabibLtd) August 3, 2023
The index has experienced a tremendous bull run since the International Monetary Fund (IMF) Stand-By Arrangement (SBA) was approved, despite intraday profit taking.
To read our blog on “KSE-100 index achieve 1000 points, reaches to 48000 mark,” click here.
