Stocks hit all-time high in Pakistan Stock Exchange, fueled by various positive factors.

From Business Recorder: 2024-04-04 19:50:25

On Thursday, Pakistan Stock Exchange hit an all-time high, with the KSE-100 Index closing at 68,416.78 points after a surge of 660.75 points. Trading activity increased, with daily volumes reaching 388.751 million shares and a traded value of Rs 17.882 billion. Foreign investors were net buyers, adding $1.068 million to the market capitalization of Rs 9.544 trillion.

The bullish trend was supported by strong earnings outlook, expected SBP policy easing, upcoming Saudi Reko Diq deal, and surging global oil prices. Top gainers included P.I.A.C. (A), Cnergyico PK, and PPL, while Hoechst Pakistan Limited and Shahmurad Sugar Mills led the gainers. Analysts noted investor interest in the pharmaceutical sector and positive contributions from MEBL, OGDC, DAWH, SYS, and PPL.

The second consecutive positive session at the exchange saw the KSE-100 Index gaining 661 points to close at 68,417 level. Investor interest was focused on the pharmaceutical sector, which received a favorable Lahore High Court decision regarding Maximum Retail Price deregulation. Major contributions to the index came from MEBL, OGDC, DAWH, SYS, and PPL.

BR Automobile Assembler, Commercial Banks, Power Generation and Distribution, Oil and Gas, and Tech & Comm indexes all saw gains, while the Cement Index declined. Analysts noted market close at a record-high level and strong performance in pharmaceutical, auto, refinery, and oil & gas sectors, with profit-taking in cement and steel stocks.

(Source: Business Recorder, 2024)



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