Pakistan Stock Exchange KSE-100 Index surpasses 116775 points

The Pakistan Stock Exchange on Tuesday maintained its positive trend as the KSE-100 Index surpassed 116775 points amid an ease in the global trade war and upbeat foreign remittances data, reported 24NewsHD TV Channel.

Shares of 446 companies were traded in the stock market while the shares of 218 companies rose and shares of 174 companies fell. More than 470 million shares worth more than Rs 30 billion were traded in the stock market. An economic expert said that “equity market participants are reacting positively to the SBP governor's announcements about record remittances of $4 billion, a potential current account surplus for FY25, and SBP reserves exceeding $14 billion by June, driven by $5 billion in fresh inflows.” The expert further stated that, “Though the US administration has started giving 90 days’ respite, it seems Pakistan may be a net beneficiary of recession-induced oil price declines."

Earlier on Monday, the Pakistan Stock Exchange's (PSX) benchmark KSE-100 Index surged by 1,536.70 points, or 1.34%, to close at 116,390.03, up from the previous close of 114,853.33. 
The index hit an intraday high of 116,177.18, gaining 1,640.86 points, or 1.43%, while the session’s low of 115,246.20 still reflected a gain of 392.87 points, or 0.34%. Across-the-board buying was observed in key sectors including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs, and power generation.

Moreover, index-heavy stocks including HUBCO, SNGPL, OGDC, PPL, POL, HBL, MCB, and UBL traded in the green on the back of respite in tariffs announced by US President Donald Trump and Prime Minister Shehbaz Sharif’s successful visit to Belarus last week.

Reporter: Basim Iftikhar