The KSE-100 increased for the fourth consecutive session on Friday as the rupee continued to strengthen against the US dollar, maintaining positive investor confidence at the Pakistan Stock Exchange (PSX).
The price of WTI crude oil was $87.95 per barrel during the day, while Brent crude oil was being sold at $93.75 per barrel, bringing the global oil prices to multi-month lows.
The domestic equities market gained 670.87 points, or 1.62 per cent, to close at 42,096.24 points as a result of this development.
The Pakistani currency’s ongoing rebound, which continued for the sixth day in a row against the US dollar, provided additional support for the market.
Despite initial selling pressure on the market and a period of time in which the KSE-100 index traded flat, investor interest picked up toward the end of the first session, and the market closed roughly 300 points higher.
The rise gained momentum in the second session, which enabled the index to pass the 42,000-point threshold and conclude with significant gains.
The day ended strongly for index heavyweights in the banking, fertiliser, cement, chemical, automobile, and cement industries. On a weekly basis, the benchmark KSE-100 increased by 4.85 per cent. Capital Stake said that the PSX had strong sentiment for the fourth straight session.
According to Topline Securities’ analysis, Pakistan’s stocks saw good momentum as a result of softening global energy prices for coal and oil, which experienced some correction.
The decline enabled the market maintain its purchasing mood from Thursday and helped the KSE-100 index conclude the day at 42,096 points.