The Pakistan Stock Exchange (PSX) experienced a significant surge on Monday, with the KSE-100 index reaching an unprecedented 53,860.37 points, a considerable jump of 737.33 points. This impressive performance was indicative of strong economic conditions despite a banking system grappling with falling interest rates.
A total of 546,547,257 shares worth Rs17.905 billion were traded on Monday, surpassing the previous day's volume of 475,085,837 shares valued at Rs15.586 billion. Cnergyico Pk emerged as a key player in this bullish market with a trading volume of 68,065,265 shares at Rs.4.11 each.
Among the companies contributing to the market's gains was Rafhan Maize XD, whose share price rose by Rs.55 to close at an impressive Rs.8,050.00. This positive trend reflected the gains of 256 companies in the market.
However, not all companies shared in this upward momentum. Pak Suzuki experienced a downturn with its share price falling by Rs.18.03 to close at Rs.438.26, mirroring the losses of 97 companies in the market.
Despite these losses and challenges in the banking sector, Zafar Motiwala, former director of PSX is optimistic about upcoming talks with the International Monetary Fund (IMF). Motiwala foresees positive discussions even as the IMF investigates losses in state-owned firms.
This surge in the KSE-100 index is seen as a reflection of economic strength and robust market conditions in Pakistan, reinforcing investor confidence in the face of ongoing challenges.
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