Photonews Logo Photonews logo
  • Home
  • Pakistan
    • Punjab
    • Sindh
    • Khyber Pakhtunkhwa
    • Azad Jammu Kashmir
    • Balochistan
    • Gilgit – Baltistan
  • World
  • Business
  • Entertainment
  • Videos
    Gen V Season 2 trailer
    Videos

    Gen V Season 2 Trailer Cast, Plot, Premiere Details

    July 26, 2025 3 Min Read
    IShowSpeed Daniel La Belle race
    Videos

    IShowSpeed Beats Daniel La Belle in 40-Meter Race, Hits 41M Subscribers

    June 24, 2025 2 Min Read
    Cardi B new single Outside
    Videos

    Cardi B’s ‘Outside’ Single Sparks Buzz Over Offset and Stefon Diggs

    June 20, 2025 2 Min Read
  • Sports
  • Technology
  • Offbeat
  • Blog
  • Contact
Reading: PSX Soars to Record 85,576 Points, Driven by Strong Oil Sector Performance
PhotoNews Pakistan PhotoNews Pakistan
Font ResizerAa
Search
  • Home
  • Pakistan
    • Punjab
    • Sindh
    • Khyber Pakhtunkhwa
    • Balochistan
    • Azad Jammu Kashmir
    • Gilgit – Baltistan
  • World
  • Business
  • Entertainment
  • Videos
  • Sports
  • Technology
  • Offbeat
  • Blog
  • Contact
Have an existing account? Sign In
Follow US
© 2022 Photonews. All Rights Reserved.
PSX Bullish Trend
PhotoNews Pakistan > Business > PSX Soars to Record 85,576 Points, Driven by Strong Oil Sector Performance
Business

PSX Soars to Record 85,576 Points, Driven by Strong Oil Sector Performance

Web Desk
By Web Desk Published October 8, 2024 3 Min Read
Share
Pakistan Stock Exchange breaches 85,000 barrier. Photo Credits: The Senior
SHARE

The Pakistan Stock Exchange (PSX) continued its upward trend on Tuesday. The KSE-100 index rose by 665.81 points or 0.78%, hitting a record intra-day high of 85,576.10.

The index initially dipped to a low of 84,897.98 points early in the day. However, it quickly gained momentum and reached a peak of 85,676.79 points.

Investor engagement was strong, with over 85 million shares traded, worth Rs 8.06 billion.

The Pakistan Stock Exchange (PSX) maintained its bullish trend on Tuesday, with the KSE-100 index rising by 665.81 points to an all-time high of 85,576.10 during intra-day trading, driven by strong investor interest and significant contributions from blue-chip oil stocks. pic.twitter.com/0RppNLzUOK

— Investify Pakistan (@investifypk) October 8, 2024

Following Monday’s significant rally, the index nearly hit 85,000 points. This rise was driven by solid performances from blue-chip oil stocks and optimism during the earnings season.

Read: KSE-100 Index Surges to Record High with Energy Rally and Rate Cut Prospects

Several factors fueled this growth, including favourable financial settlements, increasing global crude oil prices, and dropping bank lending rates. The index started the day at 83,303.54 points, rallied throughout, and closed at 84,910.30 points—up by 1,378.34 points or 1.65%.

Pakistan Petroleum Limited’s (PPL) settlement with Iraq’s Midland Oil for $6 million boosted the market. Strong expected quarterly results from oil companies also lifted investor spirits.

Privatization talks for state-owned enterprises and a rise in crude prices further strengthened the market’s upward trajectory.

Oil and Gas Development Company (OGDC), PPL, Fauji Fertiliser, and Engro Corporation contributed to the index’s rise. These companies added 752 points to the index, with notable gains in OGDC and PPL shares.

The positive trend was particularly evident in the exploration production and fertilizer sectors. Arif Habib Limited (AHL) described the week’s start as “aggressive” and noted that support levels might have increased to 84,000 points. AHL expects the bullish trend to continue with likely higher prices in the next sessions.

Trading volumes also increased, with total activity jumping to 449.5 million shares from 381.5 million on Friday.

The trading day ended with 218 companies advancing, 167 declining, and 63 remaining unchanged.

PPL was the most active stock, with 40.8 million shares changing hands. It closed at Rs 126.69, up Rs 8.09. Hub Power and Fauji Cement were also heavily traded, showing notable movements in their stock prices.

According to data from the National Clearing Company of Pakistan Limited (NCCPL), foreign investors were active, buying shares worth Rs 784.2 million.

TAGGED:FeaturedPak­istan
Share This Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Email Copy Link Print
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Advertisement

HBL Saving Made Easy
HBL Saving Made Easy

Recent Posts

Apple Foldable iPhone

Apple to Launch First Foldable iPhone in September 2026, Priced Around $1,999

Trump India tariff 2025

Donald Trump Announces 25% Tariff on Indian Imports Effective August 1

Supreme Court pension rights divorced daughters

Supreme Court Rules Divorced Daughters Entitled to Father’s Pension

Post Archives

More Popular from Photonews

Tower Bridge stabbing
World

Two Stabbed to Death Near Tower Bridge in London

2 Min Read
Israel-India Baloch nexus in Balochistan
Top NewsWorld

Israel-India Nexus Co-Opt Baloch Separatists to Operate in Pakistan

3 Min Read
Meghan Markle Harry Netflix deal
Entertainment

Meghan Markle and Prince Harry’s $100M Netflix Deal Ends: No Renewal in Sight

3 Min Read
Top NewsWorld

DOGE Deploys AI Tool to Slash Federal Regulations in Bold Efficiency Push

The Department of Government Efficiency (DOGE) has launched an AI tool to analyse and potentially eliminate…

July 28, 2025
Top NewsWorld

An-24 Plane Crash in Russia Kills 48, Raises Concerns Over Soviet-Era Aircraft

On July 24, 2025, an Antonov An-24 passenger plane, carrying 48 people, crashed in Russia's Amur…

July 25, 2025
Business

FBR Tax Collection Surges to Rs1.02 Trillion in FY 2024-25

The Federal Board of Revenue (FBR) announced a tax collection of Rs 1,017.8 billion for the…

July 25, 2025
Tech

BYD to Launch First Pakistan-Assembled EV by Mid-2026

Chinese electric vehicle giant BYD plans to launch its first car assembled in Pakistan by July…

July 24, 2025
PhotoNews Pakistan

Always Stay Up to Date

Subscribe to our newsletter to get our newest articles instantly!

Categories

  • World
  • Pakistan
  • Punjab
  • Sindh
  • Khyber Pakhtunkhwa
  • Balochistan
  • Azad Jammu Kashmir

 

  • Top News
  • Business
  • Entertainment
  • Sports
  • Videos
  • Tech
  • Offbeat
  • Blog

© 2024 Phototnews
All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?