KSE-100 Breaks Psychological Cap Of 56000 Gains 1100 Points
Positive momentum continued at the Pakistan Stock Exchange as the benchmark kse-100 index crossed the 56,500 level for the first time in its history, amid a gain of over 1,100 points on Monday.
At close, the benchmark index settled at 56,523.58 level, an increase of 1,132.22 points or 2.04 percent.
During the previous week, the KSE-100 index had crossed the 55,000 historic level for the first time in its history and closed at the then new highest ever level of 55,391.37 points closing level of 53,123.04 points with hefty net gains of 2268.33 points or 4.27 percent on week-on-week basis.
Across-the-board buying was witnessed today, with index-heavy sectors including cement, chemical, commercial banks, power generation and distribution, property, oil and gas exploration companies and OMCS trading in green.
The market is watching the ongoing discussions between the government and the international monetary fund.
Regarding fiscal matters, the I.M.F and F.B.R deliberated on implementing structural adjustments in tax collection, including the introduction of taxes on agriculture, real estate, and retail sectors.
Moreover, improved macroeconomic indicators including a decline in the country’s current account deficit, which was reduced to 8 million dollar in September 2023 as compared to the cad of 360 million dollar in the same month in 2022, and a drop in CPI-based inflation has also propelled the positive sentiment at the bourse.