PSX recovers losses as KSE-100 index rises by more than 1,600 points

KSE-100 index increase by 1.85%, reaching 90,612.86 points during intra-day trading.

Segregation of client assets is critical as brokers have been penalised for using client money illegally. PHOTO: AFP

The Pakistan Stock Exchange (PSX) experienced a notable uptick in intra-day trading today, with the current index climbing to 90,296.29, marking an increase of 1646.10 points, making gains after recovering the losses suffered a day earlier.

The market increased by 1.85% on Friday from its previous day close of 88,966.76. Throughout the day, the index reached a high of 90,637.05.

Trading volume was notably active, with 130,504,356 shares exchanged, with a total trading value reaching approximately RS11.94 billion.

Yesterday on thursday, The Pakistan Stock Exchange (PSX) dipped by around 1319.80 points during intra-day trading, ending its rallying streak that continued for the past few days breaking several all-time high records.

The market dipped by 1.46% on Thursday from its previous day close of 90,286.56. Throughout the day, the index reached a high of 90,700.23 but did not maintain momentum.

Trading volume was notably active, with 241,845,622 shares exchanged, contributing to a total market value of 14,312,044,391.

Ealier, Pakistan's inflation rate has reached its lowest level in three and a half years, with September's rate recorded at 6.9%, the lowest in 44 months.

According to the monthly Economic Outlook report released by the Ministry of Finance, there has been a notable increase in remittances, exports, imports, and foreign investment.

The report also highlights a significant 92.1% reduction in the current account deficit. From July to September, Federal Board of Revenue (FBR) tax collection rose by 25.5%, while non-tax revenue increased by 20.8% over the same three-month period.

The report states that the inflation rate has dropped from 29% to 9.2%, although the production in major industries has decreased by 0.19% over the past two months.

The Ministry of Finance noted that the economy demonstrated stable recovery in the first quarter, bolstered by the disbursement of $1.03 billion from the International Monetary Fund (IMF).

The recent Shanghai Cooperation Organization (SCO) conference also contributed to improved business and market confidence.

Looking ahead, the report suggests that the economy is on a path to sustainable recovery. Remittances have increased by 38.8%, reaching $8.78 billion, while Pakistani exports rose by 7.8% to $7.49 billion.

During the review period, total foreign investment surged by 70.4%, exceeding $900 million, with foreign direct investment rising by 48% to $770 million.

Additionally, the State Bank's foreign exchange reserves increased from $7.61 billion to over $11 billion. The stock market saw an impressive gain of 78.4%, surpassing 90,000 points, and the exchange rate of the dollar decreased from 280.29 to 277.62 Pakistani rupees over the past year.

From July to September, tax revenue grew by 25.5%, totalling PKR 2,563 billion, while non-tax revenue reached PKR 341 billion, a 20.8% increase.

The report indicated that in the initial two months of the period, the fiscal deficit rose by 4.3%, exceeding PKR 841 billion. The current account deficit fell dramatically by 92%, reaching $9.8 million.

 

 

Load Next Story