Bulls take charge on PSX as stocks shoot past record 53,000 level

Bulls take charge on PSX as stocks shoot past record 53,000 level on Nov 3, 2023!

On Friday, the last working day of the week, the benchmark of major shares hit an all-time high.

The KSE-100 index closed at 53,123.04 points after gaining 466.28 points or 0.89 percent from the preceding session.

The overall trading volume increased 7.1% to 509.1 million shares.

While the traded value increased 6.9% to Rs15.5bn on a day-on-day basis.

PSX benchmark is reported to have been the best-performing index since the end of August.

Meanwhile, Arif Habib Ltd Head of Research Tahir Abbas expects stock prices to scale new heights in the coming months.

Stocks contributing significantly to the traded volume:

Kohinoor Spinning Ltd (43.1m shares), Pakistan Refinery Ltd (41.8m shares), TPL Properties Ltd (29m shares), Pakistan Interna­tional Bulk Term­inal Ltd (17.4m shares) and WorldCall Telecom Ltd (15.5m shares).

Companies registering the biggest increases in their share prices in absolute terms:

Rafhan Maize Products Company Ltd (Rs194.90), Nestle Pakistan Ltd (Rs100), Sapp­hire Fibres Ltd (Rs63.72), Bata Pakistan Ltd (Rs58.70) and Pakistan Tobacco Company Ltd (Rs47.62).