This is the fifth straight day that the Pakistan Stock Exchange (PSX) has seen an increase in the KSE-100 index, which has risen 0.95% on the strength of macroeconomic stability and lower oil prices.
In anticipation that Druzhba pipeline flows will resume soon, international oil prices declined throughout the day. As of 1124 GMT, Brent crude prices were down $1.69 (1.75%), while US West Texas Intermediate crude futures were down $1.61 (1.78%).
As a result, the KSE-100 index rose by 398.61 points, or 0.95% to conclude the day at 42,494.85 points after this development. Following its high of 42,776.47 points, the index ended the day with modest gains.
This is due to expectations of inflows from the UAE, a stronger rupee (which closed at 221.91 on Wednesday), and a decrease in imports for July 2022.
Intraday trading saw the market rise quickly to over 600 points in the early hours of trade. By midday, the KSE-100 index had given up most of its morning gains and was trading in a narrow range until closing time.
Even while certain heavyweight stocks like automobiles and fertiliser were up, cement and chemicals were mixed.
There has been a reduction in imports, which has helped to reduce the pressure on our country’s balance of payments. A stable exchange rate between the Indian rupee and the US dollar is also encouraging for the market.
In addition, the country’s imports fell by 37.7% month-to-month in July 2022 to $4.913b from $7.880b in June 2022.
Banks (+156.4 points), exploration and production (+108.0 points), fertiliser (+56.1 points), electricity (+55.0 points), and technology (+42.7 points) all contributed to the benchmark KSE-100 index’s gain.
The total number of shares traded in the S&P 500 index dropped to 373.2m from Friday’s 406.7m. The value of shares traded, on the other hand, increased to Rs13.2b from Rs11.6b the session before.
A total of 33.7m shares were traded in Cnergyico PK, followed by Pak Refinery with 27.7m shares and TPL Properties with 24.2m shares.
This week’s trading saw 350 businesses’ shares change hands; 203 rose, 123 fell, and 24 remained constant.