Pakistan gets good news on economic front

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Pakistan gets good news on economic front

KARACHI: The Pakistan Stock Exchange (PSX) registered gains on Thursday, a day after traders called off their protest against the government’s taxation measures.

On the economic front, the State Bank of Pakistan sold Pakistan Investment Bonds (PIBs) worth Rs101 billion as against the target of Rs100 billion.

Cut-off yields for 3-year, 5-year and 10-year have come down by 115bps (11.80pc), 90bps (11.60pc) and 90bps (11.35pc), respectively, due to heavy demand for fixed-rate bonds.

The KSE-100 Index remained positive throughout the session, recording an intraday high at 34,306.00. It settled higher by 442.27 points at 34,203.68 points.

The KMI-30 Index jumped 1.11pc to close at 55,842.17, while the KSE All Share Index gained 126.30 points, ending at 24,698.78. The advancers to decliners’ ratio stood at 209 to 89.

For the outgoing month, the KSE-100 Index surged by 2,124.83 points (+6.62pc) thanks to Engro Corporation Limited (ENGRO +10.94pc), Mari Petroleum Company Limited (MARI +33.44pc), Habib Bank Limited (HBL +8.28pc), Pakistan State Oil Company Limited (PSO +20.81pc) and Dawood Hercules Limited (DAWH (+14.45pc) for their phenomenal performances in October.

Pakistan