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Friday, December 01, 2023  
16 Jumada Al-Awwal 1445  

Stock market crosses 56,000 points for the first time

KSE-100 Index records biggest single-day rally since Aug 9
Photo - AFP
Photo - AFP

The Pakistan Stock Exchange crossed the 56,000 market on Monday after recording a significant surge owing to improved investors’ sentiments, dealers said.

The KSE-100 Index gained 1,132.22 points 2.04%, the biggest single-day rally since August 9, to reach 56,523.58 levels at the closing of the trading session, they added.

Similarly, the KSE-30 Index gained 421.79 points or 2.27% to close at 18,988.15 on Monday, the first trading session of the week.

The benchmark KSE-100 Index has been climbing steadily in recent weeks and has broken multiple records.

Meanwhile, the policy-level discussions between Pakistan and the International Monetary Fund (IMF) for the upcoming tranche valued at $710 million began earlier today.

The policy-level talks come after a round of technical-level talks and are expected to last three days.

Representatives from the Special Investment Facilitation Council (SIFC) will provide the IMF with a briefing on the initial day of the policy-level discussions.

While the stock market recorded continuous gains, the rupee remained under pressure in the interbank foreign exchange market.

The greenback gained 52 paisas to reach Rs287.55 at the closing of the market, as against the closing of Rs287.03 on Friday, November 10.

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