Buying Continues at PSX After Yesterday’s Record Rally as KSE-100 Nears 119,000 Level

Buying continued at the Pakistan Stock Exchange (PSX) on Tuesday as the benchmark KSE-100 index gained nearly 1,300 points, a day after posting its highest-ever single-day gain of over 10,000 points. The benchmark KSE-100 index gained 1,278 points to close at 118,575 points, up 1.08 percent over the previous closing. Monday’s rally came on the back of two key developments; the cease US brokered ceasefire between Pakistan and India and the approval by International Monetary Fund (IMF) for two packages of around $2.4 billion for Pakistan. Under Friday’s decision by the IMF Executive Board, Pakistan will get immediate disbursement of about $1 billion under the ongoing Extended Fund Facility (EFF). The lender also allowed an additional arrangement for the $1.4 billion Resilience and Sustainability Facility (RSF). On Monday, President Donald Trump said that United States is ready to help India and Pakistan in the wake of a ceasefire agreement that he says his administration helped broker, adding that trade is a big reason why Pakistan and India stopped fighting. A total of 684,294,646 shares were traded today as compared to 730,780,988 shares the previous trading day, whereas the price of shares stood at Rs. 52.58 billion against Rs. 30.32 billion on the last trading day. As many as 461 companies transacted their shares in the stock market, 220 of them recorded gains and 194 sustained losses, whereas the share price of 47 companies remained unchanged.