Buying Spree Sees PSX Gain Nearly 600 Points

Buying momentum persisted at the Pakistan Stock Exchange (PSX) on Tuesday as the benchmark KSE-100 Index gained almost 600 points. The KSE-100 closed the day at 114,804 points, up 574.10 points or 0.50 percent over the closing on Monday. A total of 589,463,320 shares were traded during the day as compared to 521,209,059 shares the previous trading day, whereas the price of shares stood at Rs. 32.6 billion against Rs. 28.29 billion on the last trading day. 463 companies transacted their shares in the stock market today with 269 recording gains and 137 sustaining losses, whereas the share price of 57 companies remained unchanged. In a note earlier in the day brokerage house Intermarket Securities said that the market will react positively if the upcoming MPC on January 27, 2025, delivers a bigger rate cut than 100bps. Fears of intense price competition in the cement sector may also be subsiding, it said adding that these factors could extend market recovery.