The Pakistan Stock Exchange (PSX) made history with a positive trading session that saw the market climb 1700 points, the greatest single-day gain ever on Monday.
At today’s close, the benchmark KSE-100 index had reached an all-time high of 1700 points, smashing the previous high of 1,566 set on June 5, 2017.
The indices gained all day, as volumes increased from the previous close. Within the first 10 minutes of trading, the market displayed strong feelings, with the benchmark KSE-100 index gaining almost 1,400 points and reaching beyond 45,000.
The KSE-100 index ended the day at 46,144.86, up 1,700.38 points or 3.83 percent, having broken above two barriers of 45,000 and 46,000 in a single session.
JS Global’s Assistant Vice President, Muhammad Waqas Ghani, stated “The stock market reacted positively today over clarity on the political front after the success of no-confidence motion in the national assembly. KSE-100 gained 1700 points or 3.1% to close at the level of 46,145.
Pak rupee also showed recovery on the other hand where it was trading at a PKR/USD of 182.9 in the interbank around close. Going forward, market trends will mainly depend on key economic indicators. Opposition’s decision to exert maximum pressure while remaining out of the assembly may introduce noise in the coming days.”
Stocks in the technology, cement, banking, and power sectors all performed well today, with SYS, LUCK, TRG, HBL, and HUBC gaining a total of 425 points. INDU, FHAM, and ABL, on the other hand, saw some benefit today.
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