PSX increases in new heights, breaks 140k barrier

Karachi:

The Pakistan Stock Exchange (PSX) increased significantly on Friday, with the KSE-100 index closing at a high level of 141,035, a profit of 1,645 points or 1.18%. The race was driven by energy sector reserves, which saw a strong purchasing interest in the afternoon meeting.

The possible cooperation between the US and Pakistan in exploration of oil, along with the news on the payment of circular debt, provided a very necessary impetus to the energy sector reserves. Blue chips shares such as OGDC, PPL, PSO and HUBCO were among the top profits, with OGDC rising by 9.7%, PPL increases by 7.1%, PSO earning 6.7%and Hubco increases by 4,71%.

The energy sector contributed 1,152 units to the rally of the day. The overall market activity remained strong, with 610 million shares changing hands and negotiating a value of $ 51 billion. WorldCall Telecom led the volume chart with over 55 million shares negotiated.

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On a weekly basis, the KSE-100 index recorded the sixth consecutive weekly profit, adding 1,828 points or 1.31%. The index opened at 139,760, reached a high 141,161 and a low of 137,659 before it was installed on 141,035.

PSX’s strong recovery around 138K level shows a positive outlook, as support is now at 140k for the KSE-100 index. However, if this level is violated, the index could be seduced by 138,000, where urgent valuations and expectations of monetary relaxation can revive investor interest and cause fresh market momentum.

According to Ali Najib, deputy head of the negotiation at Arif Habib Ltd, “Strong market performance is proof of increasing investor confidence in the Pakistani economy. We expect the KSE-100 index to continue its upward trend, is driven by positive economic ratios and potential economic ratios.”