November 29, 2023 (MLN): The Pakistan Stock Exchange (PSX)'s benchmark KSE-100 Index has surged past the 61,000 mark during early trade.
The index has added another 582.86 points or 0.96% to trade at 61,313.12 [10:03am PST].
To note, the KSE-100 has gained 19,860 points or 47.91% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 20,893 points, equivalent to 51.69% in the KSE-100.
The rally that the PSX has been enjoying since the end of June is further fueled by hopes of improved economic conditions.
Yesterday, the Pakistan Bureau of Statistics (PBS) released data for the Gross Domestic Product (GDP) growth rate for 1QFY24, which showed a recovery of 2.13% compared to 0.96% in 1QFY23.
Moreover, Pakistan on Monday signed a multi-billion dollar Memorandum of Understandings (MoU) with the United Arab Emirates (UAE), which are poised to advance bilateral ties in all spheres between the two nations.
KSE-100 index is being supported by Commercial Banks with 126.24, Cement with 82.64, Oil & Gas Exploration Companies with 54.32, Technology & Communication with 44.29, and Automobile Assembler with 33.5 points.
Companies adding points to the index were LUCK with 50.5, MCB with 39.25, SYS with 30.21, HUBC with 20.95, and BAFL with 18.73 points.
In the broader market, the All-Share index is currently at 40,754.24 with a net gain of 353.19 points.
