April 08, 2024 (MLN): The Pakistan Stock Exchange (PSX) extended its upward rally, with its benchmark KSE-100 index surging past the 69,000 point level during intraday trading on Monday.
The index was up 694.6 points or 1.02% to trade at 69,111 around 11:50am.
KSE-100 index was supported by Commercial Banks with 208.05, Oil & Gas Exploration Companies with 134.52, Pharmaceuticals with 106.66, Inv. Banks / Inv. Cos. / Securities Cos. with 56.91, and Fertilizer with 45.12 points.
On the contrary, the index was let down by Cement with 82.53, Engineering with 5.58, Miscellaneous with 4.81, and Vanaspati & Allied Industries with 0.15 points.
Companies adding points to the index were MEBL with 69.53, OGDC with 63.36, DAWH with 56.61, SYS with 47.19, and PPL with 43.74 points.
Meanwhile, companies that dragged the index lower were LUCK with 20.77, MLCF with 19.28, CHCC with 16.06, PIOC with 12.81 and FFC with 8.29 points.
In the broader market, the All-Share index was at 45,310.08 with a net gain of 273.62 points.
To note, the KSE-100 has gained 27,659 points or 66.72% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 6,660 points, equivalent to 10.66%.
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).
