• Advertise
  • Contact Us
  • Daily The Business
  • Privacy Policy
Sunday, July 13, 2025
Daily The Business
  • Login
No Result
View All Result
DTB
No Result
View All Result
DTB

KSE-100 sees resistance at 80,000, closes flat after over 1,250-point gain

June 21, 2024
in Markets
KSE-100 sees resistance at 80,000, closes flat after over 1,250-point gain
Share on FacebookShare on TwitterWhatsapp

The KSE-100 saw wild swings on Friday, crossing the 80,000 barrier with an over 1,250-point gain in the morning before massive profit-taking and resistance saw it plummet to 78,300 in the second half of the session.

Trading began with a bullish momentum carried over from the previous few sessions, taking the benchmark index to an intra-day high of 80,059.87 – the highest in history.

However, some profit-taking erased the intra-day gains by the end of the first half of the session.

The second half began with further selling as the index fell 456.58 points, followed by some late-session buying.

However, some support helped the benchmark index settle at 78,810.49, up by 8.96 points or 0.01%, by close.

Earlier, selling was seen in key sectors including automobile assemblers, chemical, cement, commercial banks, fertiliser, oil and gas exploration companies and OMCs.

The market had been bullish since the budget erased fears that the capital markets will see higher taxation, propelling the index to its all-time highs. As Pakistan nears a bailout agreement with the International Monetary Fund (IMF), experts see the buying trend to continue with some consolidation and intermittent profit-taking.

“Positive sentiments have been led by tax-laden budget, which investors feel will help in getting the IMF long-term loan,” said Mohammed Sohail, CEO Topline Securities, earlier during the trading session.

Finance Bill 2024: Wealth Statement now in sharp focus

On Thursday, banking sector had witnessed heavy buying interest as the benchmark KSE-100 Index gained nearly 2,100 points to settle at then new record high of 78,802 during the first trading session post-Eid holidays.

Globally, India’s benchmark Nifty 50 index hit a record high on Friday, boosted by information technology stocks after Accenture’s upbeat annual revenue forecast.

The NSE Nifty 50 was up 0.25% at 23,627.10 as of 9:19 a.m. IST, while the S&P BSE Sensex added 0.23% to 77,650.48.

Tags: Budget 2024 2025Budget 2024 25Budget FY 2024 25Budget FY25FY25 BudgetKSE 100 companieskse-100KSE-100 indexKSE100KSE100 indexLive budget 2024 2025Pakistan Stock MarketPSXPSX stocks
Share15Tweet10Send
Previous Post

Israel’s Nuseirat massacre and Gaza’s wounds that won’t heal

Next Post

PCB Demands Evidence of Match-Fixing Allegations on Pakistan Team or Face Legal Action

Related Posts

Gold price per tola gains Rs1,100 in Pakistan
Markets

Gold price per tola gains Rs1,100 in Pakistan

July 12, 2025
Israeli strike on south Lebanon kills one: ministry
Markets

Israeli strike on south Lebanon kills one: ministry

July 12, 2025
Minister urges early commencement of transshipment operations between Gwadar, Persian Gulf
Markets

Minister urges early commencement of transshipment operations between Gwadar, Persian Gulf

July 11, 2025
State Department starts firing more than 1,350 workers in Trump’s shake-up of diplomatic corps
Markets

State Department starts firing more than 1,350 workers in Trump’s shake-up of diplomatic corps

July 11, 2025
AFP news agency to reduce headcount, foreign network costs
Markets

AFP news agency to reduce headcount, foreign network costs

July 12, 2025
Pakistan, Vietnam to initiate talks on Preferential Trade Agreement this year
Markets

Pakistan, Vietnam to initiate talks on Preferential Trade Agreement this year

July 12, 2025

Popular Post

  • FRSHAR Mail

    FRSHAR Mail set to redefine secure communication, data privacy

    126 shares
    Share 50 Tweet 32
  • How to avoid buyer’s remorse when raising venture capital

    33 shares
    Share 337 Tweet 211
  • Microsoft to pay off cloud industry group to end EU antitrust complaint

    49 shares
    Share 20 Tweet 12
  • SingTel annual profit more than halves on $2.3bn impairment charge

    45 shares
    Share 18 Tweet 11
  • Saudi Arabia Launches World’s First Self-Driving Flying Taxi to Transport Hajj Pilgrims

    44 shares
    Share 18 Tweet 11
American Dollar Exchange Rate
  • Advertise
  • Contact Us
  • Daily The Business
  • Privacy Policy
Write us: info@dailythebusiness.com

© 2021 Daily The Business

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Advertise
  • Contact Us
  • Daily The Business
  • Privacy Policy

© 2021 Daily The Business

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.