The Pakistan Stock Exchange (PSX) had a positive day of trading on Thursday, with the benchmark KSE-100 Index closing above 47,000. It reached an intra-day high of 47,393.47 before slightly declining but still finished over 47,000. This is the first time in 21 months that the index has closed above this level. The index settled at 47,077, an increase of 394.47 points or 0.85%. The market saw buying activity in sectors such as automobile assemblers, cement, chemical, commercial banks, oil and gas exploration companies, and OMCs. Profit-taking led to a slight slide in the index, but renewed interest was seen in PSO, OGDC, and PPL shares due to reports of Saudi Arabia’s planned refinery in Pakistan. There are reports of an expected Memorandum of Understanding (MoU) being signed for a $10 billion Saudi oil refinery. The market sentiment has also been positive after the International Monetary Fund’s agreement and expectations of improved circular debt issues of energy companies. Loan rollover from China’s EXIM Bank and positive corporate earnings have also contributed to the market’s performance. The Pakistani rupee continued to strengthen against the US dollar. The volume and value of shares traded increased compared to the previous session.
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