PSX: KSE-100 Index surges nearly 600 points as investor optimism rises amid SCO summit
Segregation of client assets is critical as brokers have been penalised for using client money illegally. PHOTO: AFP
The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index surged nearly 600 points on Tuesday, driven by strong investor sentiment amid the ongoing Shanghai Cooperation Organisation (SCO) summit in Islamabad.
The trading day began with range-bound activity, with early selling pressure pushing the index to an intra-day low of 84,856.21. However, a robust buying spree in the latter part of the session lifted the index to an intra-day high of 85,893.99. At close, the KSE-100 Index settled at 85,840.34, marking a gain of 578.96 points, or 0.68%.
Topline Securities noted that the session saw a pullback in the fertiliser and exploration and production (E&P) sectors. Nonetheless, investor optimism remained high, fueled by the potential investment opportunities linked to the SCO summit.
Major contributors to the index's rise included MARI, EFERT, OGDC, ATRL, and FFC, collectively adding 425 points. This positive session followed Monday’s close, which saw a decline of 222.02 points due to late-session selling.
In corporate news, Pakistan Telecommunication Company Limited (PTCL) reported significant losses of Rs6.3 billion for the three-month period ending September 30, 2024, compared to a Rs2.8 billion loss in the same period last year. PTCL was also the volume leader, trading 37.87 million shares. Other active stocks included Hub Power Co with 33.28 million shares and Kohinoor Spinning with 22.46 million shares.
Meanwhile, the Pakistani rupee experienced a marginal decline against the US dollar, depreciating 0.03% to close at 277.74 in the inter-bank market, reflecting a loss of Rs0.08.