ISLAMABAD (Kashmir English): Business at the Pakistan Stock Exchange (PSX) has reached a new historic high. On the first day of the business week, the stock exchange witnessed a huge boom, with the 100 index crossing 182,000 points.
After this, the 100 index increased by 4,152 points, crossing the 183,000 point level for the first time. The market recorded an increase of 1.7 percent, before which the market traded at 179,467 for the first time on January 2.
With the dollar losing one paisa in the interbank market, the dollar has become 280 rupees and 10 paisa. At this time, the benchmark index was hovering at a level of 183,245.40, which is an increase of 4210.47 points and
Buying activity was noticed in important sectors, which include automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs, and power generation. Stocks that make up the index and are included in the buying list are HUBCO, MARI, OGDC, POL, PPL, PSO, SNGPL, SSGC, HBL, MCB, and MEB.
The purchasing motive has been attributed to various factors. “To begin with, the beginning of a new year has seen fresh buying interest, especially from institutional investors,” Sana Tawfik, Head of Research at Arif Habib Limited (AHL), added.
Secondly, the recent data available for the fertiliser industry has been encouraging, which has attracted investor interest in fertiliser shares.
“In addition, the market is also taking cues from the forthcoming monetary policy announcement, which is scheduled to be made later this month. Going forward, after the last rate decrease, there is rising anticipation that the central bank may slash the policy rate further by up to 50 bps,” she added.
