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Friday, April 12, 2024  
03 Shawwal 1445  

Pakistan stocks close higher as KSE-100 gains 297 points

The 100-Index settled at 64,646.84 levels at the closing
Stockbrokers speak while monitoring the share prices during a trading session at the Pakistan Stock Exchange (PSX) in Karachi on July 19, 2022. (AFP/File)
Stockbrokers speak while monitoring the share prices during a trading session at the Pakistan Stock Exchange (PSX) in Karachi on July 19, 2022. (AFP/File)

The Pakistan Stock Exchange closed in the green zone as the benchmark KSE-100 Index gained 297.24 points or 0.46% on Tuesday.

The 100-Index settled at 64,646.84 at the closing of the market, as against the closing of 64,349.6 the previous day.

The KSE-30 Index gained 67.47 points or 0.31% to reach 21,634.4 levels at the closing of the trading session.

Meanwhile, experts said that international crude oil prices were expected to remain low in early 2024 due to lower demand and higher oil output.

“Factors such as demand concerns and several countries increasing their crude output would weigh on prices,” said Saumil Gandhi, senior analyst of commodities at HDFC Securities.

According to Gandhi, crude oil supply was more than demand. “For the first half of 2024, we expect Brent (crude) to range between $60-65 per barrel (lower band) and $85-90 per barrel (upper band).”

On the macroeconomic front, Pakistan’s CPI for December rose 29.7% from a year before, data from the Pakistan Bureau of Statistics showed.

The country of 241 million people experienced its highest ever inflation in 2023, with its currency dipping to historic lows until a $3 billion IMF bailout averted an imminent sovereign default in July.

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Pakistan stock exchange.

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