Economic Hairpin: Bulls Take PSX Past 47,000 Points For First Time Since July '21

Economic Hairpin: Bulls Take PSX Past 47,000 Points For First Time Since July '21
With the country having finally managed to address some of its pressing external financing needs, with China's EXIM Bank rolling over loans worth $2.4 billion for two years and strong corporate earnings despite a poor economic outlook, the KSE-100 Index on Thursday closed the day above the psychological barrier of 47,000 points.

This is the first time since July 2021 - the peak of the Pakistan Tehreek-e-Insaf (PTI) regime - that the index has crossed this barrier.

The benchmark KSE-100 index was on a roll as it surged to a day-high of 47,393.47, gaining a whopping 710.95 points.

KSE-100 Index July 27, 2023

READ MORE: China’s EXIM Bank Rolls Over $2.4bn Loan to Pakistan

It closed the day higher by 394.47 points at 47,077 points. Week on week, the benchmark KSE-100 index gained 2.52%.

In terms of volume, it rose from 426.17 million shares in the previous session to 453.75 million.

Worldcall Telecom Limited (WTL -1.42%), K-Electric Limited (KEL +0.00%) and Oil and Gas Development Company Limited (OGDC +5.72%) dominated the volume charts.


These companies saw 40.14 million shares, 30.12 million shares,, and 28.45 million shares exchanged.

READ MORE: After A Year, PSX Crosses 46,000 Point Barrier

Sectors lifting the benchmark KSE-100 index higher included the banking sector (199.91 points), Oil and Gas Exploration sector (151.23 points) and Power Generation and Distribution sector (77.63 points). Company-wise, Habib Bank Limited (HBL 101.56 points), Oil and Gas Development Company Limited (OGDC 78.56 points), and The Hub Power Company Limited (HUBC 76.51 points) were top points contributors.

The Oil and Gas Marketing sector gained 3.14% in its cumulative market capitalization. Pakistan State Oil Company Limited (PSO 5.13%), Attock Petroleum Limited (APL 0.19%), Sui Northern Gas Pipelines Limited (SNGP 2.36%) and Shell Pakistan Limited (SHEL 1.38%) all ended in green.