PSX gains 490 points on Monday

PSX gains 490 points on Monday

KARACHI, September 18, 2023: Pakistan Stock Exchange (PSX) witnessed a slight uptick on the first day of the week, closing the benchmark KSE-100 index at 45,803 points, signifying a 0.11 percent increase, equivalent to a gain of 49 points.

Throughout the trading session, the market index remained relatively stable, with investors displaying limited enthusiasm.

Banks, E&P, and IT stocks, including MCB, HUBC, UBL, SYS, and MARI, made a positive contribution today by adding 79 points. However, DAWH, LUCK, and MEBL collectively lost 32 points.

PRL led the volumes chart today with 7.8 million shares traded, while the overall market recorded volumes and a value of 103 million shares and Rs3.2 billion, respectively.

Analysts said that stocks closed higher led by oil stocks amid surging global crude oil prices and gains on rupee recovery.

SBP decision for status quo over policy rate, upbeat data on cement sales surging by 37pc in Aug’23 and reports of surging banking spreads played a catalyst role in positive close, they added.

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