KSE-100 index gains over 300 points

Published January 24, 2024
This image shows activity on the Pakistan Stock Exchange on Wednesday. — Screengrab PSX data portal
This image shows activity on the Pakistan Stock Exchange on Wednesday. — Screengrab PSX data portal

The bull took charge at the Pakistan Stock Exchange (PSX) on Wednesday as shares climbed over 300 points on positive investor sentiment.

According to the PSX website, at 12:04pm, the benchmark KSE-100 index climbed 512.78 points, up by 0.8 per cent, to stand at 64,967.0 from the previous close of 64,454.22.

The bourse retracted marginally and closed at 64,822.43, up by 368.21 points or 0.57pc from the previous close.

Mohammed Sohail, chief executive of Topline Securities, said that the upward trajectory continued on expectations of measures to address economic and circular debt issues by the Special Investment Facilitation Council (SIFC).

Raza Jafri, head of equities at Intermarket Securities, said, “Investor enthusiasm remains intact, particularly in oil and gas names.”

“High quality cement and technology stocks are also seeing renewed buying interest after correcting,” he said.

Awais Ashraf, director of research at Akseer Research, attributed the bullish trajectory to reports settlement of circular debt, saying this would in turn yield hefty dividends for Pakistani Petroleum Limited (PPL), Oil and Gas Development Company (OGDC) and Pakistan State Oil (PSO) if executed.

However, he added that the deal was contingent on the nod from the finance ministry and the International Monetary Fund (IMF).

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Smog hazard
Updated 05 Nov, 2024

Smog hazard

The catastrophe unfolding in Lahore is a product of authorities’ repeated failure to recognise environmental impact of rapid urbanisation.
Monetary policy
05 Nov, 2024

Monetary policy

IN an aggressive move, the State Bank on Monday reduced its key policy rate by a hefty 250bps to 15pc. This is the...
Cultural power
05 Nov, 2024

Cultural power

AS vital modes of communication, art and culture have the power to overcome social and international barriers....
Disregarding CCI
Updated 04 Nov, 2024

Disregarding CCI

The failure to regularly convene CCI meetings means that the process of democratic decision-making is falling apart.
Defeating TB
04 Nov, 2024

Defeating TB

CONSIDERING the fact that Pakistan has the fifth highest burden of tuberculosis in the world as per the World Health...
Ceasefire charade
Updated 04 Nov, 2024

Ceasefire charade

The US talks of peace, while simultaneously arming and funding their Israeli allies, are doomed to fail, and are little more than a charade.