KSE-100 index hits 61,000 mark

Business Nov, 29 2023
KSE-100 index hits 61,000 mark
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The KSE-100 Index surged to a fresh high of 61,555.83 in early Wednesday trading, marking another record-breaking milestone following the recent breakthrough of the 60,000 mark.

This surge was propelled by improved macroeconomic indicators, potential rate hike conclusions, and the signing of substantial Foreign Direct Investment (FDI) MoUs worth billions.

However, the market took an anticipated turn as profit-taking activities led to a correction, causing the benchmark index to dip into the red zone. It settled at 60,647.03 by the session's end, experiencing a decline of 228.27 points or 0.38%.

Throughout the day, market volatility was evident, with the KSE-100 Index fluctuating between 61,555.83 and 60,328.17 from its previous close of 60,730.26.

Despite this, trading volumes remained notably high, surpassing 342 million shares, slightly exceeding yesterday's total of 336 million shares.

Various factors continue to drive this stock market surge, with foreign currency influx playing a pivotal role. FDI's potential to rejuvenate the economy by fostering new businesses and job opportunities, especially in energy sectors, has generated investor optimism. Simultaneously, declining property values globally have steered investor focus towards stocks offering higher dividends.

Moreover, the IMF's emphasis on expanding the tax base and enhancing revenue collection is gradually reducing the profitability of informal sectors, encouraging a shift towards a more documented economy.

 

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