Karachi, December 9, 2024– The Pakistan Stock Exchange (PSX) demonstrated remarkable resilience on Monday as the benchmark KSE-100 Index surged past the 110,000 mark during intra-day trading, signaling a strong recovery from initial losses.
The session began on a bearish note, with the index plummeting over 1,000 points due to selling pressure in the banking sector. However, a mid-session rally pushed the index to an intra-day high of 110,358.85 points. By mid-afternoon, it stood at 110,279.02 points, reflecting a gain of 1,225.07 points, or 1.12%.
At the close, the KSE-100 Index settled at 109,970.40 points, up by 916 points from the previous close. The broader All-Share Index also saw a robust increase of 856 points, ending the day at 69,584 points. Heavyweight stocks such as ENGRO, OGDC, PPL, PSO, and HUBCO led the rally, significantly contributing to the day’s gains.
While most sectors enjoyed positive momentum, the banking sector faced headwinds due to uncertainties surrounding government measures targeting the Advances to Deposit Ratio (ADR). Analysts noted that the lack of clarity regarding potential fiscal changes impacting bank profitability kept investor sentiment cautious.
The PSX has been on a winning streak, driven by robust institutional activity and strong investor interest. Over the past week, the KSE-100 Index gained an impressive 7,696.63 points, representing a 7.6% weekly increase, supported by healthy trading volumes.
