PSX maintains bullish trend as KSE-100 closes above 93,000 mark

KARACHI: The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) continued its bullish streak on Friday, crossing the 93,000 mark, ARY News reported.

KSE-100 was up by 771.19 points, or 0.83 percent to close at 93,291.68, as against the previous day’s close of 92,520.49 points.

A total of 763.25 million shares were traded during the day at the PSX, as compared with 678.78 million shares the previous trading day.

The price of shares stood at Rs 30.2 billion at the closing of the stock market, against Rs24.82 billion on the last trading day.

Analysts at Topline Securities said that the KSE-100 continued its bullish momentum amid a decline in yields on fixed-income instruments and improvements in macroeconomic indicators.

“Pakistan inward workers remittances for the month of Oct-2024 came in today at US$3.052bn (up by 24% YoY & 7% MoM).,” as per the analysts.

A day earlier, the State Bank of Pakistan stated that remittances sent by overseas Pakistanis recorded an inflow of US$ 3.1 billion during October 2024.

Meanwhile, activity was particularly concentrated in several blue-chip stocks at the PSX, with Attock Refinery Limited (ATRL), Oil and Gas Development Company (OGDC), Pakistan State Oil (PSO), Hub Power Company (HUBC), and Pakistan Petroleum Limited (PPL) leading in traded value on the KSE-100 Index, market experts said.

As many as 446 scrips were active at the Pakistan Stock Exchange, out of which, 243 of them recorded gains and 146 sustained losses, while the share price of 57 companies remained unchanged.

Analysts said that the KSE-100 index gained 2.68 percent on a week-on-week basis owing to a cut in the policy rate by 2.5 percent to 15 percent and improvement in other macroeconomic indicators.