KSE-100 storms past 48,000 level after four years as stocks continue rally

Published June 1, 2021
The market remained in the green throughout Tuesday's session. — AFP/File
The market remained in the green throughout Tuesday's session. — AFP/File

The Pakistan Stock Exchange continued its upward trajectory on Tuesday with the KSE-100 index rising by 294.92 points, or 0.62 per cent, to breach the 48,000 level after four years.

After opening on a positive note, the market remained in the green throughout the session, seeing an intraday high of 48,237.61 points and a low of 47,896.34 points. It settled at 48,191.26 points at the close of the day.

The PSX was trading at 48,212 points around 11:00am — the highest level in the past four years — after the benchmark index added 316 points.

Oil and gas exploration companies captured the maximum gains in the morning session, contributing 61 points to the index, followed by commercial banks and cement with 57 and 47 points, respectively.

Company wise, the scrips of LUCK, HBL, ENGRO, POL, and OGDC gathered the maximum points.

On Monday, the last day of May, the KSE-100 index took a big leap of 770 points, or 1.63pc, to close at 47,896. Including Monday’s upside, the market accumulated the highest monthly gains of 3,634 points, or 8.2pc, in May.

Market capitalisation rose by Rs136 billion for a single day on Monday, as investors continued to mop up stocks across the board pushing the index to an intraday high by 853 points. Investors were encouraged by the decision of the Monetary Policy Committee (MPC) which on Friday decided to maintain the policy rate at 7pc.

Numerous other positive factors also collectively helped to lift investor sentiments. After the GDP growth now anticipated to end up high at 4.5pc for the year, reports of historic high remittances of $2.8bn in April, up by 56pc year-on-year, and tax collection exceeding Rs4.143 trillion for the first time in 11MFY21 ignited buying interest of investors.

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