Stocks settle above 100,000 points for second consecutive day
Business
KSE-100 index hovered at 100,446 points after gaining 363 points on Friday
KARACHI (Dunya News) – The Pakistan Stock Exchange (PSX) continued to witness surge of bulls above 0.1 million points for a second consecutive day.
The benchmark KSE-100 index hovered at 100,446 points after gaining 363 points on Friday.
It must be remembered that the KSE-100 index had reached a historic milestone on Nov 28 (Thursday) after crossing 100,000 points barrier.
PSX summits historic 100,000 peak amid 'economic, political gains'
The PSX on Thursday (Nov 28) attained the historic high of 100,346 points on the heels of unprecedented streak of surge in the last one month or so.
As trading began early on Thursday, the KSE-100 index surged by 1,077 points to reach a new milestone.
It, however, closed at 100,082 on the fourth working day of the week.
A day earlier, the PSX witnessed a rally and the KSE-100 index crossed the 99,000 mark. At one point, the index had risen by 1,642 points to reach 99,820 points. However, at the close of trading, the index was reduced to 99,269 points.
The KSE-100 index, which is a key benchmark in PSX, has achieved one milestone after another in November 2024 amid recurring reports of economic stability mainly due to the recent loan disbursement by the International Monetary Fund (IMF).
The reassuring agreement with the international lender and Pakistan economic czar Muhammad Aurangzeb’s subsequent announcement ruling out a mini-budget boosted investor confidence in recent times.
ROAD TO 100,000
The passage to the PSX milestone has not been without bumpers and roadblocks. The latest challenge in the journey came in the form of PTI’s trumpeted protest in Islamabad which created quite a stir in the stock market.
On Tuesday, a day that kept the state machinery on tenterhooks, the trade started on a negative note and the PSX plummeted to 94,181 points after ups and downs amid political uncertainty.
The KSE-100 index closed at 94,181 points after reduction of 3,506 points following days of surge.
Hours earlier, it came close to 100,000 mark by posting 99,820 points while defying political uncertainty.
The situation evolved after stocks plummeted during early morning trading. The KSE-100 index first came down to 97,538 after reduction of 541 points.
Later, it struck back and broke its own record, only to be on the retreat.
Bulls returned to the PSX on Wednesday and the KSE-100 index eventually closed at 99,269 points with an increase of 4,695 points or 4.96pc.
At the start of business, the KSE-100 index reached 98,160 points after gaining hefty 3,357 points.
