Pakistan Stock Exchange (PSX) on Monday witnessed bulls dominating the trading all day lifting the index to the highest-ever level as the dust regarding political protests settled, reported 24NewsHD TV channel.
The swift buying by investors led the benchmark KSE-100 index to record historic score after gaining 1,917.62 points or 1.86 percent to 103,274.14 from the previous close of 101,357 points.
At the end of the day, share prices of 338 companies were up while stocks of 85 companies have gone down.
Analysts said that this continuous upward trend in stock market shows increasing confidence of business community and investors in policies introduced by the government to strengthen the national economy. The government’s commitment to reforms played a key role.
They further opined that current inflation is expected to drop to 5.8%-6.8% and further decline to 5.6%-6.5% in December, according to the finance ministry’s report. These projections have encouraged market growth.
The KSE-100 Index has achieved a 60% year-to-date increase. This includes 47% capital gains and a 13% dividend yield. Major sectors driving this growth are commercial banks, fertilizers, and oil and gas exploration.
Top-performing stocks, such as Fauji Fertilizer and United Bank Ltd, significantly contributed to the index’s uninterrupted climb.
At the close of trading on Friday, the KSE-100 Index had surged by 1,274 points, settling at 101,357 points, despite being the final day of the rollover week.
Reporter: Ayaz Rana