Karachi, November 21, 2024 – The KSE-100 index of the Pakistan Stock Exchange (PSX) soared to an all-time high of 97,328 points on Thursday, reflecting a wave of optimism following the Army Chief’s meeting with leading business figures.
The KSE-100 index recorded a robust gain of 1,787 points, closing at 97,238, a 1.86% increase from the previous day’s close of 95,546 points. The session saw an intraday peak of 97,437, signaling strong investor enthusiasm.
According to analysts at Topline Securities, the KSE-100 index was buoyed by reassurances provided during the high-level meeting, where discussions focused on strategies to stabilize the economy and enhance investor confidence. These developments inspired aggressive buying, particularly in the fertilizer and energy sectors, which led the market’s upward trajectory.
The fertilizer sector played a pivotal role in driving the KSE-100 index higher, with major contributors including Fauji Fertilizer Company (FFC), Engro Fertilizers (EFERT), Engro Corporation (ENGRO), and Fauji Fertilizer Bin Qasim Limited (FFBL). The energy sector also made significant contributions, with Oil and Gas Development Company (OGDC) among the key performers. Together, these stocks added 1,196 points to the KSE-100 index.
Trading activity surged, with volumes reaching 969 million shares and a turnover of Rs 35 billion. WorldCall Telecom Limited (WTL) led the volume charts, with 95 million shares traded. The robust trading activity underscored the KSE-100 index’s renewed vigor, reflecting heightened interest from institutional and retail investors alike.
Market experts noted that the KSE-100 index’s bullish sentiment was further supported by optimism surrounding recent macroeconomic improvements, including a strengthening current account position and stability in the rupee. These factors, coupled with rising foreign investor interest, have reinforced expectations of sustained growth in the capital markets.
Overall, the KSE-100 index’s record-breaking performance has been hailed as a testament to the resilience of Pakistan’s capital markets and the growing confidence of investors in the country’s economic prospects. If current trends persist, analysts believe the KSE-100 index could continue its upward trajectory, offering promising opportunities for market participants.
