© Reuters.
The KSE-100 index of the Pakistan Stock Exchange (PSX) witnessed a day of volatility on Tuesday, November 7, 2023, as it initially fell by 0.23% before rebounding to an all-time high of over 54,000 points. The market’s movements were influenced by election date clarity and a likely positive review from the International Monetary Fund (IMF).
At the start of the day, a bearish trend led to the PSX’s 100-index closing at 53,735.73 points, a decrease from the previous day’s robust finish at 53,860.36 points. The trading volume for the day exceeded 506 million shares valued at Rs18.259 billion across 365 companies. Cnergyico Pk, Pak Refinery, and Kohinoor Spinning emerged as the top traders. Colgate Palm and Sapphire Fiber XD recorded the highest gains, while Rafhan MaizeXD and Pak Tobacco XD experienced the largest losses. Meanwhile, share prices for 20 companies remained unchanged.
However, by 10 a.m., the KSE-100 index had rebounded to reach a record high of over 54,000 points. This surge was attributed to increased clarity regarding upcoming elections and expectations of a favorable IMF review. Trading concluded with shares from 365 companies being traded; gains were seen in 253 companies, downturns were experienced by 97 companies, while 15 maintained their position.
This eventful day underscores the dynamic nature of financial markets and their sensitivity to political and economic events such as elections and international financial reviews.
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