The benchmark KSE-100 index has closed above 50,000 points for the first since June 07, 2017.
After opening trade at 49,431.47 points, the benchmark KSE-100 index went up by 933.68 points to 50,365.15 points after witnessing a 1.89 percent jump. The top bourse retained the level of support from last week’s bulls which saw the index attain its best level since June 2017.
KSE100 closed at above 50k level, marking a six year high
— Arif Habib Limited (@ArifHabibLtd) October 19, 2023
The KMI 30 index surged by 2178.57 points closing at 85,494.32, meanwhile the KSE All share index jumped by 575.64 points settling at 33,626.52.
According to Ismail Iqbal Securities, the equity market surged today on the back of increasing liquidity in the market following a decline in T-bill yields and result-based rallies. Trading volumes increased to 249 million shares today as compared to 157 million shares in the previous session.
Commercial Banks, Oil & Gas Exploration Companies, and Fertilizer sectors were the major contributors in today’s session, cumulatively adding 566 points to the index.
To note, the benchmark KSE-100 has gained 8,912 points or 21 percent during the fiscal year 2023-24, whereas the ongoing calendar year (2023) has witnessed a cumulative increase of over 9,900 points.