Another Record: Stock Exchange Surges To Unprecedented Heights, Breezes Past 56,000 Points

The index gains over 1,132.22 points with nearly 660 million shares trading hands

Another Record: Stock Exchange Surges To Unprecedented Heights, Breezes Past 56,000 Points

The Pakistan Stock Exchange continued its positive momentum from the last week as it gained another 1,132.22 points on Monday to surge past another major psychological barrier of 56,000 points.

This is amongst the highest levels that the exchange has ever seen in its history. 

The index opened on Monday morning at 55,391.36 points. It continued the positive momentum and rose to a session high of 56,366.72 points, gaining 975.36 points. By the end of the first session, it had lowered to 56,233.71 points. The index was still up by 842.35 points or 1.52%.

The positive momentum continued in the afternoon session and the index saw the bullish trend continue as the exchange closed at 56,523.58, up cumulatively 1,132.22 points or around 2.04%.

This was the third consecutive session the index has closed at a new all time high level.

Over the past week, the index has gained 3,400.54 points. 

During the day, power, fertilizer, autos and banking sector’s contributed positively as Hub Power Company Limited (HUBC), Engro Fertilizers Limited (EFERT), Millat Tractors Limited (MTL), Bank Al Habib Limited (BAHL) and Muslim Commercial Bank (MCB) added 552 points. On the other hand, some stocks like Meezan Bank Limited (MEBL), unilever Pakistan Foods Limited (UPFL) and K-Electric Limited (KEL) experienced some profit taking, resulting in a combined loss of 49 points.

Around 660 million shares were traded today at the bourse while total value clocked in at Rs22.4 billion. Notably, Worldcall Telecom Limited (WTL) led the volumes chart with the trading of over 100.7 million shares.

Rupee slides against the US dollar

Meanwhile, the rupee eventually slipped against the US dollar in the money market.

From its opening level of Rs287, the rupee gained as much as Rs4.917 as it gained its highest value of Rs282.083 during interbank trading. 

But by the end of the trading day, the rupee ended up losing 52 Paisas or 0.18% of its value.