KARACHI
\nPakistan Stock Exchange (PSX) closed the 10th consecutive week on a high note on the back of improved economic outlook and positive indicators, with the benchmark index standing at 66,223.63.
\nThe benchmark KSE-100 Index gained 4,532.38 points (+7.34 percent) on a week-on-week (WoW) basis to close at 66,223.63 points from 61,691.25 points, breaking the previous weekly gain record achieved in April 2020. The index has gained 24,771 points during the current fiscal year and 25,804 points during the ongoing calendar year. Similarly, the KSE All Share Index closed at 43,881.53 points against 41,045.38 points last week, gaining 2,836.15 points (+6.46 percent) on a week-on-week basis.
\nThe dominant buyers during the week were foreign corporations, with a significant net investment of $10.62 million. Foreign investors have remained net buyers for the fifth consecutive week. On the other hand, the leading sellers were banks\/DFI, with a net sale of $6.87 million.
\nIn USD terms, the KSE-100 Index gained 7.76 percent this week, maintaining its position among the top performing markets worldwide. The average daily traded volume for All Share Index rose 64 percent to 1.03 billion during the week as against 625.59 million in the previous week.
\nThe sectors taking the index towards north remained commercial banks (1,704 points), oil & gas exploration companies (997 points), fertilizer (339 points), oil & gas marketing companies (333 points), and power generation & distribution (166 points). The major companies adding points to the index remained PPL (338 points), HBL (320 points), OGDC (294 points), MARI (282 points), and BAHL (271 points).
\nThe bullish sentiments dominated the trading floor throughout the week, bolstered by several encouraging factors. These included anticipation of the International Monetary Fund\u2019s (IMF) executive board meeting on January 11 for the approval of a $700 million loan tranche. Caretaker Prime minister Anwaar Kakar\u2019s remarks about the improvement in Pakistan\u2019s fiscal and external accounts, along with extensive participation from foreign investors, high returns, and a stable exchange rate, contributed to the rapid advance of the index.
\nMonday witnessed the index reaching a record high due to anticipation of a free trade agreement with the Gulf Cooperation Council (GCC) and measures for establishing a sovereign wealth fund. The following day, the bourse reached close to 63,000 points, driven by a 9% month-on-month rise in oil sales and anticipation surrounding the upcoming release of the IMF loan tranche.
\nStocks surged to a new peak on Wednesday fueled by a positive economic outlook and a reduction in external debt, attracting investors\u2019 interest in specific sectors. The PSX broke another record amid heavy trading on Thursday, with news of potential Chinese investment worth $1.5 billion in Pakistan Refinery Limited (PRL), inspiring market players to engage in heavy buying. However, Pakistan State Oil (PSO) contradicted this report late Friday. Additionally, investors were encouraged by the Asian Development Bank\u2019s (ADB) project financing of around $650 million for Pakistan. Friday\u2019s extraordinary performance propelled the KSE-100 index to a new all-time high above 66,000 points, with significant strength drawn from PM Kakar\u2019s visit for the launch of a Rs30 billion Ijara Sukuk.
\nMeanwhile, the Pakistani rupee made gains against the US dollar for the fourth week in a row and improved by Rs1.10 in the interbank market, while the local unit improved by Re1 in the open market. The local unit has improved by Rs3.16 during the previous four weeks in the interbank market.<\/p>\n","protected":false},"excerpt":{"rendered":"
KARACHI Pakistan Stock Exchange (PSX) closed the 10th consecutive week on a high note on the back of improved economic outlook and positive indicators, with the benchmark index standing at 66,223.63. The benchmark KSE-100 Index gained 4,532.38 points (+7.34 percent) on a week-on-week (WoW) basis to close at 66,223.63 points from 61,691.25 points, breaking the […]<\/p>\n","protected":false},"author":2,"featured_media":363666,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[205],"class_list":{"0":"post-373615","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-psx"},"yoast_head":"\n