PSX Extends Rally as KSE100 Jumps Over 2800 Points

Investors’ confidence took a big plunge during Thursday’s trading session on the Pakistan Stock Exchange (PSX), as the two main market indices KSE 100 and KMI 30 ended with robust gains. Energy, banking, cement and fertiliser stocks weighed heavily on the market performance, with a buying trend visible across them.

At the end of the market, the KSE 100 index closed at 178,123.57 points after gaining 2,837.78 points, or 1.62 percent. The index’s highest level during the trading session was 178,431.74 points, while the lowest level was 175,672.34 points. A total of approximately 311.88 million shares of the companies in the index were traded.

The KMI 30 Index, on the other hand, also rose solidly, rising 3,970.51 points, or 1.61 percent to close at 250,746.13 points. Its highest level recorded during the session was 251,197.81 points, and its lowest level was 247,430.73 points, with 98.70 million shares of companies listed in the index being traded.

Engro Holdings contributed the most prominently to the positive trend in the market, which added around 894 points to the KMI 30 Index. Meezan Bank, Hub Power and Lucky Cement and Fauji Fertiliser Company also had positive contributions. Engro, UBL, Meezan Bank, Hub Power and Lucky Cement were other stocks which played a significant role in pushing the KSE 100 Index up.

Among the few stocks that had a negative impact, Airlink and Honda Atlas Cars put minor pressure on the KMI 30, while United FPL, IBFL, HGFA, RMPL and Thal Limited put minor pressure on the KSE100 index, but overall their impact was not enough to stop the strong market rally.

Market experts have said that the investors’ interest in the major core sectors and their business outlook as well as the positive economic outlook have contributed to an increase in market confidence. However, if this trend continues, the Pakistan Stock Exchange can also be expected to experience positive momentum over the next few sessions, but investors should also watch the global financial news and the local economic news.