Shares at the Pakistan Stock Exchange (PSX) traded in the green on Monday over clarity on the political front, gaining more than 800 points in intraday day, effectively crossing the 69,000 barrier.

Previously, the index had made headlines for crossing the 68,000 mark which Arif Habibi Limited had called its “highest-ever closing”. Analysts had attributed the gains to “aggressive buying” in the pharmaceuticals, and exploration and production stocks.

Today, the benchmark KSE-100 index gained 842.45 points, or 1.23 per cent, to stand at 69,259.23 — yet another milestone for the index— at 12:05pm from the previous close of 68,416.78.

Yousuf M Farooq, director of research at Chase Securities, attributed the upward trajectory to “positive news about [potential] Saudi investment in Reko Diq, resulting in a strong performance for oil and gas stocks”.

Additionally, he observed that “continued participation from foreign investors has contributed to the upbeat sentiment in the market”.

Shahab Farooq, director of research at Next Capital Limited, said that “encouraging developments with the International Monetary Fund (IMF) and expected investment by Saudi Arabia in Reko Diq project kept the sentiments positive in the market with low turnover ahead of the Eid holidays”.

The top sectors in today’s rally were noted to be technology and communication, power generation and distribution, refinery, and transport.

More to follow

QOSHE - Shares at PSX gain 800 points in intraday trade - Dawn.com
menu_open
Columnists Actual . Favourites . Archive
We use cookies to provide some features and experiences in QOSHE

More information  .  Close
Aa Aa Aa
- A +

Shares at PSX gain 800 points in intraday trade

12 10
08.04.2024

Shares at the Pakistan Stock Exchange (PSX) traded in the green on Monday over clarity on the political front, gaining more than 800 points in intraday day, effectively crossing the 69,000 barrier.

Previously, the index had made headlines for crossing the 68,000 mark which Arif Habibi Limited had called its “highest-ever closing”. Analysts had........

© Dawn Business


Get it on Google Play