Market gained over 500 points during intraday trade
Heavy fall in gold prices in Pakistan,
Karachi/Islamabad_ – The Pakistan Stock Exchange (PSX) continued gains as benchmark KSE-100 index on Thursday morning rose above 49,000 mark after six years.
The index gained 578.13 points from yesterday’s close of 48,764.55 points to 49,342.68 points at 11:40am.
The market had gained over 500 points during the intraday trade, however, it closed the day on a negative note as the benchmark index shed 153.37 points or 0.31% to settle at 48,611.18 points.
According to a report by Arif Habib Limited, the weekly draw on liquidity at 49,000 was hit today after which the market came off in what is a welcome dip.
The benchmark index has gained 7,871 points since Pakistan signed a staff-level agreement with the International Monetary Fund for the $3 billion Standby Agreement.
Market analysts have attributed the constant rise in the market to a host of reasons — including the status quo maintained in the policy rate by the State Bank of Pakistan (SBP).
Shares of 367 companies were traded during the session. At the close of trading, 129 scrips closed in the green, 216 in the red, and 22 remained unchanged.
Cynergico PK Limited was the volume leader with 33.21 million shares traded, losing Rs0.08 to close at Rs3.67. It was followed by K-Electric Limited with 25.42 million shares traded, losing Rs0.01 to close at Rs2.35 and Oil & Gas Development Company Limited with 24.52 million shares gaining Rs0.18 to close at Rs104.26.
It said that the stock market had gained 7,686 points, or 18.5 percent, since Pakistan reached an agreement with the International Monetary Fund (IMF).
KSE100 crossed 49k level, six year high level
KSE-100 index went up by 374 points (49,139 pts, +0.77%, on intraday basis) DoD ; the 49k level crossed after ~ six years (last seen on June 09, 2017).
On Wednesday, the KSE-100 index hit a low of 48,178.89 during intra-day trading, but buying interest revived in late trading.
Index-heavy sectors such as oil and gas exploration, OMCs, chemical, and engineering led the rally.
A mixed trend was witnessed in commercial banks, automobile assemblers, and cement sectors.
While,
Following the big decrease in the gold prices in the international market, gold prices in the Pakistani market also dropped on Thursday.
The prices of the 24 karats of pure gold in the Pakistani jewellers market decreased by Rs2,800 per tola by Rs2,20,200 per tola.
The price of 10 grams of the 24 karats of pure gold also decreased by Rs2,401 and traded at Rs1,88,786 per 10 grams in the Pakistani market.
The rates of gold in the international market on Thursday decreased by 15 dollars per ounce to US$1,936 per ounce.
The price of pure silver of 24 karats also decreased by Rs50 per tola in the local market and traded at Rs2,750 per tola on Thursday
Comments are closed, but trackbacks and pingbacks are open.