November 23, 2023 (MLN): The Pakistan Stock Exchange (PSX) continued its bullish momentum on Thursday, with the benchmark KSE-100 Index surging by 630 points or 1.08% during intraday.
The index is currently trading at 58,825 [10:34 am PST], with a traded volume of 68.365 million shares.
The positivity continues to be fueled by hopes of better economic conditions, following the International Monetary Fund (IMF)’s preliminary approval for the release of the next loan tranche under the current $3 billion loan program.
Upon approval, Pakistan will have access to SDR 528 million, which is around $700 million.
In a related development, the Pakistani Rupee (PKR) yesterday marked its fifth consecutive daily gain against the US Dollar today, showing signs of recovery.
The strengthening of the domestic currency and a surge in the local bourse reflect regained investor confidence.
KSE-100 index is being supported by technology and Communication with 192.32, Commercial Banks with 154.89, Oil and Gas Exploration Companies with 54.30, Cement with 38.26, and Fertilizer with 32.70 points.
Companies adding points to the index are SYS with 109.34, MEBL with 80.95, TRG with 43.77, MARI with 34.99, and ABOT with 27.72 points.
In the broader market, the All-Share index is currently trading at 39,420.92 with a net gain of 342 points.
