Staggering milestone: Pakistan Stock Exchange index surpassing 156,000 mark
Pakistani Stock Market Hits New Record Amidst Mixed Performance of Companies
The Pakistani stock market, specifically the KSE-100 Index, reached a new record on Monday, settling above the 156,000 level for the first time. This significant milestone was achieved despite a mixed performance of companies, with 229 gaining and 228 losing, while 25 remained unchanged.
The total value of shares in the market increased significantly, jumping from Rs59.95 billion in the previous session to Rs62.29 billion. The KSE-100 Index settled at 156,087.30, marking an increase of 1,810.11 points or 1.17%.
Service Industries Limited added Rs55.36 to settle at Rs1,410.00, while Sitara Chemical Industries Limited jumped by Rs87.75 to close at Rs965.22. However, PIA Holding Company Limited-B fell by Rs506.00 to Rs25,000.00, leading the laggards, and Unilever Pakistan Foods Limited shed Rs90.67 to Rs32,500.00.
Buying interest has been observed in sectors tied to reconstruction and recovery, particularly cement, despite ongoing floods in Pakistan. Analysts attribute the rally in the cement sector to the anticipated demand for cement in rehabilitation projects. The energy sector has also attracted renewed investor attention due to progress on resolving the long-standing circular debt issue.
The Pakistani rupee maintained its positive momentum, appreciating 0.01% against the US dollar on Monday. This was the rupee's 22nd successive gain against the greenback. At close, the rupee settled at 281.62.
The State Bank of Pakistan (SBP) is expected to maintain the status quo in its upcoming policy announcement. Easing inflationary pressures in August support a case for a rate cut, according to the Bank of Punjab (BoP). However, the SBP's decision will depend on various factors, including the country's economic growth and external sector developments.
In other news, the potential candidate considered to succeed Shigeru Ishiba as Japan's new Prime Minister is Toshimitsu Motegi. He is seen as a representative of the established party wing and favors addressing Japan's monetary challenges carefully. Motegi supports a gradual normalization of the Bank of Japan's monetary policy.
Volume on the all-share index increased to 1,126.27 million shares from 1,078.41 million recorded in the previous close. K-Electric Ltd. was the volume leader with 93.75 million shares, followed by B.O.Punjab with 71.44 million shares, and Dewan Cement with 63.92 million shares.
The Prime Minister's Office (PMO) stated that the stock market, PSX, crossed the 156,000-point level during the previous week. The PSX sustained its record-setting advance, with the benchmark KSE-100 Index closing at an unprecedented 154,277 points during the previous week.
In conclusion, the Pakistani stock market continues to show resilience, with the KSE-100 Index reaching new highs despite a mixed performance of companies. The positive momentum of the rupee against the US dollar also bodes well for the economy. The upcoming policy decisions by the SBP and the potential leadership change in Japan's government will be interesting to watch.
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