PSX gains over 5,000 points in weekly rally despite rising LPG prices

The Pakistan Stock Exchange (PSX) ended the outgoing business week on a strong note, with the benchmark KSE-100 Index gaining 5,073 points. The positive performance reflected increased buying activity and improved market sentiment.

According to the weekly market report, the KSE-100 Index closed at 176,094 points. During the week, it touched a high of 179,123 points and a low of 174,612 points.

Trading activity also remained strong throughout the week. The average daily trading volume increased by 19.4 percent to 831.3 million shares.

The average daily traded value also showed healthy growth. It rose by 14.2 percent to $114 million compared to the previous week.

The total market capitalization increased by Rs477 billion during the week. As a result, the overall value of the stock market reached Rs19.756 trillion.

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The latest performance indicates growing investor participation in the market. Analysts say positive sentiment and active trading helped support the strong weekly rally.

Meanwhile, households are also facing higher energy costs after the Oil and Gas Regulatory Authority (OGRA) increased LPG prices for August. The price of LPG was raised by Rs12.89 per kilogram, increasing the cost of an 11.8-kilogram domestic cylinder by Rs152.01 to Rs3,000.92.

OGRA also increased the LPG producer price to Rs213,015.35 per tonne from Rs200,132.84. The revised rates became effective from August 1 and are expected to increase expenses for consumers who depend on LPG for daily household use.

The strong performance of the PSX shows that investor confidence remained positive during the week. However, rising LPG prices may continue to increase household expenses, creating a mixed economic picture for consumers and investors.