KARACHI – Pakistan Stock Exchange (PSX) maintained bullish momentum on Thursday, registering significant gains amid strong buying rally following the US Midterm elections results’ impact on global financial markets.
Buying interest among investors pushed the benchmark KSE-100 Index higher, with the market recording a cumulative gain of 8,000 points over two trading sessions.
On the fourth day of the business week, the stock market witnessed a significant rally. During trading, the KSE-100 Index surged by 4,591 points to reach 176,604 points.
At the start of the session, Bank of Punjab, K-Electric, Synergy, Maple Leaf, Pak Elektron and Fauji Cement accounted for a major share of trading activity, contributing to overall market volume.
Among the top-performing stocks, Pak Engineering, Gandhara Industries, Premium Textile, Sazgar, Abbott Laboratories, Pakistan Tobacco, Meezan Bank and Gandhara Automobiles recorded some of the biggest price increases.
However, several companies witnessed declines during the early trading session. Nestle, Sapphire Textile, Tandlianwala Sugar, Shah Taj Sugar, Fateh Sports and Rafhan were among the stocks recording the largest losses.
Meanwhile, the Pakistani rupee posted a slight gain against the US dollar in the interbank market.
According to the Exchange Companies Association of Pakistan, the US dollar fell by two paisas and was trading at Rs276.68 in the interbank market.
