In a striking show of market optimism, the Pakistan Stock Exchange (PSX) saw its benchmark KSE-100 Index surge to a new all-time high, closing at a remarkable 59,811.34 points today. The trading day was marked by aggressive buying, which pushed the index past the previous record high set in the week prior.
During the week leading up to today, the PSX had already experienced significant gains. Institutional investors played a crucial role, driving the index over the 59,000-point psychological barrier to a then-record of 59,086.35 points. This bullish trend was fueled by expectations of the International Monetary Fund (IMF) approving the second tranche of a $3 billion Stand-By Arrangement (SBA) and the market's anticipation of a potential easing of monetary policy in December.
The momentum continued into today, with the KSE-100 Index rising by 724.99 points, a growth of 1.23% from its previous close, with nearly 657.58 million shares traded, valued at Rs 20.272 billion. Although this was a slight decrease in volume and value from the prior day's transactions, the market breadth remained positive. Out of the participating companies, gainers outnumbered losers with 245 to 121, and 25 companies' share prices remained unchanged.
Kohinoor Spinning led the trade volumes with transactions crossing the hundred-million mark. Meanwhile, Rafhan Maize experienced a downturn as its share price fell by Rs 91.97 to settle at Rs 10,390.38. On the other end of the spectrum, Hoechst Pak Ltd witnessed the day's most significant stock value increase, with its shares climbing Rs 88.11 to close at Rs 1,263. Ismail Industries also enjoyed a substantial rise, with its per-share price reaching Rs 1,076.72.
The PSX's performance today reflects investor confidence and a positive outlook for the country's economic prospects, as market participants respond to the broader economic signals and potential policy shifts on the horizon.
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