PSX surges 608 points in first hour of trading

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LAHORE: The Pakistan Stock Exchange (PSX) surged 608.16 points, touching 43,394.61 within the first hour of opening, as it continued its momentum from last week after the conclusion of the general elections.

The KSE-100 index touched a high of 43,400.96 points, a high of 613 points within the first hour of trading as certainty on the political front and news of China having sanctioned a $2 billion loan to offset a decline in foreign exchange reserves helps drive the market sentiment.

The biggest sector gainers in the first hour of trading were the technology and communication stocks (23,331,200) followed by transport (18,944,500) in 2nd position and cement (18,584,400) in 3rd position in terms of turnover.

Amongst top advancers at the PSX was Colgate Palmolive followed by Sanofi-Aventis Pakistan and Siemens Pakistan.

On Monday morning the rupee gained Rs3 against the dollar in the inter-bank market, touching Rs124.5 against its close of Rs127.86 on Friday.

This follows after gains witnessed in kerb market over the weekend where the dollar was quoted at 125/126 compared to the pre-election level of 131.80, an appreciation of 4-5 percent, said Topline Securities. 

The dollar on Saturday had continued it’s losing spree against the rupee, dropping even below the interbank rate suggesting ample supply of the US currency in the open market. The rupee gained against the dollar as it traded at Rs122.40 in the open market.