KARACHI: On Monday, the KSE 100 index crossed 94,000 intraday trade for the first time, continuing the stock market’s record-breaking enthusiasm.
However, as talks about economic performance, primarily tax collection, began with a visiting team from the International Monetary Fund, profit-taking in the latter half of the session eroded some of the early gains. The index closed at a record high in spite of this decline.
The benchmark KSE-100 index gained 758.35 points, reaching a record high of 94,020.03 during the day. Nevertheless, it gained 356.64 points, or 0.38 percent, day over day before settling at 93,648.33.68.
Arif Habib Corporation’s Ahsan Mehanti stated that after the MSCI standard index weight was changed to 4.4 percent, stocks reached an all-time high driven by blue-chip scrips in response to IMF requests for the privatization of state-owned businesses and anticipated foreign interest.
He continued by saying that the PSX’s positive momentum was further fueled by the rupee’s stability and declining bank lending rates after a decline in bond yields.
According to Topline Securities Ltd, Abbott Laboratories, The Searle Company, Pakistan Petroleum Ltd, Oil and Gas Development Company Ltd, and GlaxoSmithKline Pakistan Limited all contributed positively, raising the index by 399 points.
Its value increased by 23.56 percent to Rs37.32 per day, while the trading volume increased 6.8 percent to 815.18 million shares.
Cnergyico PK (98.60 million shares), Pak Elektron (78.09 million shares), K-Electric (70.18 million shares), WorldCall Telecom (31.95 million shares), and Bank of Punjab (33.73 million shares) were among the stocks that made up a sizable portion of the traded volume.
Rafhan Maize (Rs211.95), Abbott Lab (Rs87.42), Bhanero Textile (Rs78.12), Haleon Pakistan (Rs68.80), and Pakistan Engineering Company (Rs67.04) were the shares that saw the biggest price increases in absolute terms.
Ismail Industries (Rs87.46), Sapphire Fibres (Rs60.29), Unilever Foods (Rs52.99), Khyber Textile (Rs46.87), and Sazgar Engineering Works (Rs25.46) were the firms that saw the biggest declines in their share prices in absolute terms.
Foreigners sold shares worth $0.06 million, while mutual funds purchased shares worth $1.42 million.
