Pakistan Stock Exchange PSX registers massive gains to hit 24-month high

On Thursday, shares at the Pakistan Stock Exchange (PSX) surged through the 48,000 threshold to a 24-month high on encouraging signals, and market analysts anticipate that the momentum will continue.

After Pakistan’s agreement with the International Monetary Fund (IMF), bulls grabbed control of the market, and afterward, news regarding the nation’s mining industry boosted the gains even more.

Compared to the previous closing of 47,076.9 points, a 21-month high, the benchmark trade gained by 957.60 points or 2.03% to conclude at 48,034.59 points on Monday, data indicated.

Since Pakistan and the IMF reached an agreement on staff levels for a $3 billion Standby Agreement, the market has increased by more than 6,582 points (15.9%).

Beginning August 1, the government will host a Pakistan Mineral Summit to solicit foreign investment for Reko Diq and other mines and mineral projects under the Special Investment Facilitation Council (SIFC).

Pakistani media spokesperson: Samiullah Tariq, the head of research at Kuwait Investment Company, described the anticipated investment in minerals as a “major” factor in the market’s increase.

“Major factor is optimism regarding investment in minerals; positive expectations of investment in other ventures/sectors as a spillover of investment in mining,” the speaker stated.

During the session, shares of 358 different firms were exchanged. 188 stocks ended the day’s trading in the black, 144 in the red, and 26 were unchanged.

With 49.33 million shares traded, Worldcall Telecom Limited had the most volume and finished at Rs1.36 after losing Rs0.03. Following it were Cynergico PK Limited with 32.41 million shares and a gain of Rs0.13 to settle at Rs3.48 on 39.44 million shares traded by K-Electric Limited.

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