The Pakistan Stock Exchange (PSX) experienced positive sentiment as the benchmark KSE-100 Index increased by over 450 points in the opening hours of trading on Monday. At 11:10am, the benchmark index was at 46,695.71, which is a 1% increase. The increase in buying was observed in the oil and gas exploration companies, OMCs, and technology & communication sectors. This positive sentiment followed the reduction in petrol and high-speed diesel prices announced by the caretaker government on Saturday. The price of petrol will be 323.38 per litre and high-speed diesel will be 318.18 per litre. Additionally, the Pakistani rupee continues to strengthen against the US dollar, currently at 286 in the inter-bank market. Last week, PSX remained under pressure as investors were cautious and did not take new positions. However, the benchmark KSE-100 index had a double-digit growth of 12% in 3Q2023. Topline Securities predicts that the bourse could potentially reach close to the 50,000 level near the general elections, assuming a smooth election process and the approval of the IMF tranche in November.
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