On Tuesday, the Pakistan Stock Exchange (PSX) experienced a positive trend, with the main KSE-100 Index crossing the 52,000 level after gaining over 500 points.
At 12:30pm, the index was at 52,004.35, showing a rise of 521.43 points, which is about 1.01%.
Arif Habib Limited, a brokerage house, noted that this was the first time the index had reached the 52,000 level since May 30, 2017.
Experts believe this increase is due to improved corporate profits and the government’s decision to raise gas prices, which should make the energy sector more profitable.
Many different sectors, including automobile assemblers, commercial banks, oil and gas exploration companies, OMCs, refineries, and technology & communication companies, saw increased buying activity.
Just the day before, the KSE-100 Index had risen by over 1% to close at 51,482.93, a gain of 539.09 points.
On the same day, the government approved a hike in natural gas prices for different types of consumers, following the advice of the Oil and Gas Regulatory Authority, effective from November 1, 2023.
Additionally, the State Bank of Pakistan’s Monetary Policy Committee decided to keep the key policy rate steady at 22%.
