|Pakistan Stock Exchange Crosses 45,000 Points, Its Highest Ever In History
|On Thursday, KSE-100 continued their record breaking winning streak to six sessions, according to KSE officials.
The KSE-100 gained 247 points (0.56 percent) to close at record 44,742 points. The overall increase in points during the six sessions has been 2,123 points.
And now on Friday, with trading resuming after the prayer break, the PSX index currently stands at its highest ever level at 45,319 points, setting a new record in Pakistan.
According to the experts, on Thursday, the market capitalization of PSE cross Rs. 9 trillion, increasing the market worth to $84 billion.
Experts stated that following the news of more investment coming to Pakistan’s auto sector and growing stability in general are all a contributing factors in the volumes spiked in Pakistan Stock Exchange.
The index did not start off strong as it dipped into an intra-day low of 47 points. However, it recovered well towards the end of the day.
Lucky Cement, Dewan Motors and Dewan Cement Ltd (DCL) all hit their upper circuits. The reason for Lucky’s inclusion is their announcement of expansion in the auto-industry and plans to acquire DCL’s Hattar plant.
In addition to the major index propellers, Habib Bank rose to 1.48pc, United Bank 2.07pc, Mari Petroleum 5pc and Dawood Hercules 3.81pc.
“Response from autos, banks, cements, multi-utilities and steel was largely mixed while performance of oil and gas, textiles, fertilisers, power and glass was below par,” commented analysts at Intermarket Securities.
psx-index100-index is currently floating at 45,319 points, according to PSX Index, till the filing of this report.