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PSX Rollercoaster: KSE-100 Surges 800 Points, Settles Up 0.46%

by Web Desk
January 3, 2024
in Business
Reading Time: 2 mins read
0
KSE-100 Index Plummets Near 64,000 Amid Senate Approval for Election Delay Resolution
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In a trading session on Wednesday, the Pakistan Stock Exchange experienced a bullish trend, with the benchmark KSE-100 index initially surging over 800 points to reach the 65,200 level before retracting more than half of its gains. The index closed with a notable increase of 297.25 points or 0.46%, settling at 64,646.85.

Throughout the day, the KSE-100 oscillated between gains and losses, reflecting the mixed trend in index-heavy sectors, including automobile assemblers, cement, chemical, commercial banks, and oil and gas exploration companies.

Analysts attribute the overall positivity to slight improvements in economic indicators and the injection of fresh liquidity from different sectors at the beginning of the month.

The Pakistani rupee showed resilience in the inter-bank market, registering gains against the US dollar with a 0.06% decline, settling at 281.72 on Wednesday.

Additionally, data from the Pakistan Bureau of Statistics revealed a significant reduction in the country’s trade deficit by over 40% to $1.7 billion in December 2023. Exports saw a noteworthy increase of 22.2%, reaching $2.8 billion, while imports decreased by 12.25% to $4.51 billion during the same period.

Globally, Asian markets experienced a downturn in line with a worldwide sell-off after a strong finish to 2023. Investors are now closely monitoring the release of Federal Reserve minutes and US jobs data. Despite the recent pullback, expectations of interest rate cuts by the US central bank and positive economic indicators contribute to the market’s overall optimism.

The all-share index witnessed a decline in both volume and the value of shares traded, with K-Electric Ltd leading in volume, followed by PTCL and Pak Refinery.

A total of 366 companies were traded, with 190 recording an increase, 159 witnessing a fall, and 17 remaining unchanged during the session.

Tags: KES-100Pakistan Stock ExchangePSX
Web Desk

Web Desk

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