April 03, 2024 (MLN): The Pakistan Stock Exchange (PSX) continued upon its bullish momentum and surged past a new record high during intraday trading on Wednesday.
The index was up 477 points to trade at 67,362 as of around 10:59am.
KSE-100 index was supported by Cement with 140.64, Fertilizer with 118.58, Inv. Banks / Inv. Cos. / Securities Cos. with 115.8, Oil & Gas Exploration Companies with 97.09, and Commercial Banks with 18.45 points.
On the contrary, the index was let down by Synthetic & Rayon with 13.19, Leather & Tanneries with 6.04, Cable & Electrical Goods with 3.01, Miscellaneous with 2.15, and Refinery with 2.01 points.
Companies adding points to the index were DAWH with 115.36, ENGRO with 78.64, OGDC with 60.86, PPL with 38.26, and LUCK with 35.83 points.
Meanwhile, companies that dragged the index lower were MEBL with 29.08, IBFL with 13.19, SCBPL with 8.77, HMB with 7.08 and SRVI with 6.04 points.
It is worth highlighting that PSX's main gauge surged 4,554 points or 7.3% in 1Q2024, marking its fourth consecutive quarterly win.
The relentless rally, which began last year after the country avoided default with the assistance of the International Monetary Fund (IMF), was further boosted by better-than-expected conclusion of general elections, anticipation of interest rate cuts, and fresh inflows from the IMF.
This was further complemented by the government’s efforts to restructure and privatize Pakistan International Airlines Corp (PSX: PIAA).
To note, the KSE-100 has gained 25,889 points or 62.45% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 4,891 points, equivalent to 7.83%.
