Share prices top historic high of 60,000 at PSX

F.P. Report

ISLAMABAD: There was no looking back for the investors at the Pakistan Stock Exchange (PSX) as the buying spree tossed the benchmark KSE-100 index to historic high of 60,000 on Tuesday.

The PSX achieved the milestone during trading on Tuesday morning and the bullish run continued to dominate the market smashing the mighty 60,000 barrier.

The index surged by 918 points from the previous day’s close of 59,811.34. The index settled for the day at 60,730.

The experts have opined that the ongoing bullish trend at the PSX was due to attractive valuations, corporate profits, drop in economic volatility and the positive outcome of talks between the government and the IMF. They also foresaw a continuing positive momentum amid expectations of peaked out inflation and monetary easing onwards.

On Monday, the KSE-100 index had witnessed range-bound trading in the first few hours of the session as it hit an intra-day low of 58,999.31. However, a strong buying-spree in the second part of the day helped the index gain ground. At close, the benchmark index settled at 59,811.34, up by 724.99 points or 1.23%. Heavy buying was witnessed in banks and construction sectors.

During the previous week, the PSX had hit its highest-ever level. It closed with healthy gains on the back of aggressive buying by both local and foreign investors coupled with institutional support.

The benchmark index surged by 2,023.19 points on a week-on-week basis and crossed the 59,000 psychological barrier for the first time in its history to close at highest-ever level of 59,086.35 points.

Volume on the all-share index inched down to 657.5 million from 658.4 million a session before. The value of shares decreased to Rs20.2 billion from Rs22 billion in the previous session. Shares of 391 companies were traded on Monday, of which 245 registered an increase, 121 recorded a fall, while 25 remained unchanged.