KARACHI: The benchmark of the Pakistan Stock Exchange closed at yet another all-time high on Wednesday amid a host of positive developments on the macroeconomic front.

Arif Habib Corporation Ltd analyst Ahsan Mehanti said the ongoing recovery in the rupee’s value against the dollar as well as upbeat economic indicators on the current account deficit and home remittances played a key role in driving up market sentiments.

The inflow of dollars from the International Monetary Fund (IMF) expected next month also supported the momentum.

Other contributing factors were surging prices of Pakistan’s dollar bonds in the international debt market following the completion of the IMF’s first quarterly review under the Stand-By Arrangement.

JS Global Capital Ltd said it expected range-bound activity to continue and recommended that investors should benefit from any downside in technology, cement and textile sectors as an opportunity to build positions.

As a result, the KSE-100 index closed at 58,198.76 points after gaining 827.17 points or 1.44 per cent from the preceding session.

The overall trading volume decreased 41.1pc to 596.2 million shares. The traded value increased 14pc to Rs22 billion on a day-on-day basis.

Stocks contributing significantly to the traded volume included WorldCall Telecom Ltd (50.3m shares), Fauji Fertiliser Bin Qasim Ltd (23.2m shares), Fauji Foods Ltd (20.1m shares), K-Electric Ltd (19.6m shares) and Sui Northern Gas Pipelines Ltd (16.8m shares).

Companies registering the biggest increases in their share prices in absolute terms were Ismail Industries Ltd (Rs60.47), Siemens Pakistan Engineering Ltd (Rs50.40), Nestle Pakistan Ltd (Rs50), Hoechst Pakistan Ltd (Rs49.17) and Sapphire Textile Mills Ltd (Rs36.83).

Companies registering the biggest decreases in their share prices in absolute terms were Rafhan Maize Products Company Ltd (Rs225.22), Philip Morris Pakistan Ltd (Rs20), Thal Ltd (Rs10.11), Al-Abbas Sugar Mills Ltd (Rs8.99) and Pakistan Hotels Developers Ltd (Rs8.50).

Foreign investors were net buyers as they purchased shares worth $3m.

Published in Dawn, November 23rd, 2023

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

More pledges
25 May, 2024

More pledges

THE administration’s campaign to bring Gulf investment to Pakistan continues apace, with the prime minister...
Pemra overreach
25 May, 2024

Pemra overreach

IT seems, at best, a misguided measure and, at worst, an attempt to abuse regulatory power to silence the media. A...
Enduring threat
25 May, 2024

Enduring threat

THE death this week of journalist Nasrullah Gadani, who succumbed to injuries after being attacked by gunmen, is yet...
IMF’s unease
Updated 24 May, 2024

IMF’s unease

It is clear that the next phase of economic stabilisation will be very tough for most of the population.
Belated recognition
24 May, 2024

Belated recognition

WITH Wednesday’s announcement by three European states that they intend to recognise Palestine as a state later...
App for GBV survivors
24 May, 2024

App for GBV survivors

GENDER-based violence is caught between two worlds: one sees it as a crime, the other as ‘convention’. The ...