Karachi, August 2, 2023 – The Pakistan Stock Exchange (PSX) witnessed a significant milestone as the benchmark KSE-100 index completed a remarkable run of 10 consecutive historical positive trading sessions.
The index soared by 534 points, concluding at an impressive 48,764 points from the previous day’s closing at 48,230 points.
READ MORE: Pakistan equities Gain 196 Points Amid Profit Taking
Analysts at JS Global noted that this streak marks the 10th consecutive positive trading session for the KSE-100 index, which has now caught the attention of market participants and experts alike. If this rally persists, it could become one of the rare instances in the history of the KSE-100 index.
The achievement is particularly noteworthy, considering that there have been only 15 occasions since 2000 where the KSE-100 index managed to record 10 or more consecutive positive sessions. This latest rally has garnered significant attention in the financial markets and highlights the growing confidence in Pakistan’s economy and stock exchange.
READ MORE: Positive Outlook Prevails: Pakistan Stocks Rally, Adding 958 Points to Index
Analysts at Ismail Iqbal Securities attributed the bullish market sentiment today to a rally in the energy chain and commercial banks. The positive performance of these sectors has contributed to the overall growth and stability of the KSE-100 index.
In terms of trading activity, the total volume of shares traded in today’s session saw a marginal increase to 556 million shares, compared to 554 million shares in the previous session. This reflects the growing interest and participation of investors in the Pakistani equity market.
READ MORE: Positive Outlook: Pakistan Stocks Set to Soar in Coming Week
Among the sectors that contributed significantly to the index’s upswing were commercial banks, oil and gas exploration companies, and the fertilizer sector. Collectively, these sectors contributed a substantial 380 points to today’s overall gain.
Market experts and investors are now closely monitoring the market’s momentum and evaluating the potential for continued positive sessions. The 10 consecutive positive trading sessions are seen as an encouraging sign for the financial markets and may attract further investments.
READ MORE: KSE-100 Index Hits 20-Month High to Reach 47,077 Points
Overall, the KSE-100 index’s recent achievement showcases the resilience and attractiveness of the Pakistani stock market, making it a lucrative option for investors seeking long-term growth opportunities. As the positive streak continues, businesses, investors, and analysts eagerly anticipate how this trend will unfold in the coming days and weeks.
