November 28, 2023 (MLN): The main gauge for the Pakistan Stock Exchange achieved a historic milestone today, closing above the 60,000-point mark for the first time in history.

The KSE-100 index closed today’s session at 60,730.26, with a daily gain of 918.92 points or 1.54%.

The index remained positive throughout the day, showing an intraday high of 60,845.61 (+1,034.26) and a low of 60,023.86 (+212.51) points.

The total volume of the KSE-100 Index was 336.6 million shares.

This momentous surge is attributed to positive triggers including expected inflows from IMF and friendly countries, a possible slash in the interest rate, and the improved political landscape of Pakistan.

Today's optimism stemmed on the back of the latest development wherein Pakistan signed a multi-billion dollar Memorandum of Understandings (MoU) with the United Arab Emirates (UAE). 

The analyst fraternity believes that favorable economic reforms, government initiatives promoting business growth, and a stable investment climate have contributed significantly to the market's bullish momentum.

In today's session, of the 100 index companies 48 closed up, 33 closed down, 2 were unchanged, while 17 remained untraded.

KSE-100 index was supported by Commercial Banks with 536.46, Cement with 108.87, Power Generation & Distribution with 93.09, Fertilizer with 59.12, and Refinery with 43.99 points.

Companies adding points to the index were UBL with 191.44, MCB with 109.07, HBL with 101.79, HUBC with 97.08, and LUCK with 89.05 points.

KSE-100 Index was let down by Technology & Communication with 22.89, Glass & Ceramics with 9.35, Paper & Board with 6.89, Food & Personal Care Products with 6.55, and Automobile Parts & Accessories with 5.43 points.

Companies dragging the index lower were SYS with 35.81, MARI with 30.1, GHGL with 12.19, DAWH with 6.95 and NATF with 6.94 points.

In the broader market, the All-Share index closed at 40,401.05 with a net gain of 453.95 points.

Total market volume was 779.671 million shares compared to 657.581 from the previous session while traded value was recorded at Rs26.14 billion showing an increase of Rs5.87bn.

There were 265,115 trades reported in 389 companies with 175 closing up, 199 closing down and 15 remaining unchanged.

KOSM continued to lead in volume charts, following yesterday's announcement of a strategic partnership with a UAE firm to establish raw and value-added mineral based business in Pakistan.

To note, the KSE-100 has gained 19,278 points or 46.51% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 20,310 points, equivalent to 50.25% in the KSE-100.

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Posted on: 2023-11-28T16:20:23+05:00