The Pakistan Stock Exchange (PSX) opened the new business week with significant gain on Monday, hitting a fresh high on Monday ahead of the announcement of the monetary policy by the State Bank of Pakistan (SBP).
During intraday trading, the PSX’s benchmark KSE-100 index surged by 836 points to reach an all-time high of 170,701.22 points.
Meanwhile, the downward trend in the value of the US dollar continues as it dropped by 2 paisas in the interbank market, reaching a new price of Rs280.30.
According to the Exchange Companies Association, the decrease marks another step in the ongoing reduction in the dollar’s value.
The decline comes amid various economic factors, and the dollar has been consistently losing value in recent days.
On the other hand, the central bank is widely expected to maintain its key policy rate at 11% in its upcoming Monetary Policy Committee (MPC) meeting scheduled for Monday, as inflation risks linked to food prices and external pressures continue to weigh on the outlook.
A majority of analysts and surveys conducted by leading brokerage houses anticipate no change in the policy rate.
On Friday, the benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX) closed on a bullish note, rising by 1,289.83 points, a positive change of 0.77 percent, to settle at 169,864.53 points.
During the session, the ready market recorded a trading volume of 873.030 million shares with a traded value of Rs40.870 billion, against 1,288.969 million shares valuing Rs55.231 billion in the previous session.
Market capitalization increased to Rs19.321 trillion from Rs19.217 trillion a day earlier.
Out of 482 active companies in the ready market, 259 advanced, 180 declined, while 43 remained unchanged.
Hum Network led the volume chart with 71.840 million shares, followed by Dost Steels Ltd. with 46.970 million shares, and WorldCall Telecom with 40.811 million shares.
