Karachi, November 15, 2024 – The KSE-100 index of the Pakistan Stock Exchange (PSX) soared to a historic high of 94,764 points on Friday, marking a remarkable milestone in Pakistan’s financial markets. The benchmark KSE-100 index posted a gain of 572 points, advancing from the previous close of 94,192 points and continuing a bullish trajectory that has captured investor attention.
Market analysts at Topline Securities Limited attributed this rally to renewed investor confidence in the banking sector. The surge was primarily driven by a recent Islamabad High Court decision to temporarily halt the government’s collection of an additional 15% tax on banks. The tax applied to loans extended to the private sector that failed to meet target levels. This regulatory relief injected optimism into the banking sector, directly bolstering the KSE-100 index.
Key contributors to the day’s trading included heavyweight stocks like PSO (Rs 2.86 billion), ATRL (Rs 2.24 billion), TRG (Rs 1.76 billion), HUBC (Rs 1.3 billion), and OGDC (Rs 1.29 billion). United Bank Limited (UBL), Habib Bank Limited (HBL), and Meezan Bank Limited (MEBL) collectively contributed 301 points to the KSE-100 index, underscoring the sector’s critical role in driving market performance.
The pharmaceutical sector was also active, with SEARL emerging as a top performer, trading 12.6 million shares valued at Rs 1.08 billion. Meanwhile, WorldCall Telecom Limited (WTL) led in trading volume, with 78 million shares changing hands, reflecting widespread market participation.
The KSE-100 index demonstrated solid activity, with total trading volumes reaching 892 million shares and a traded value of Rs 30.8 billion. Analysts noted that this robust performance signifies sustained investor interest across various sectors, supported by positive regulatory and macroeconomic developments.
The record-breaking session reinforces the resilience of the KSE-100 index, highlighting the pivotal role of banking stocks in fueling market growth. Analysts expect continued bullish sentiment as regulatory clarity and sectoral reforms attract fresh capital into the market.
The KSE-100 index’s performance this week has reignited optimism in Pakistan’s equity market. With banking stocks leading the way and diversified activity across energy, pharmaceuticals, and technology, the KSE-100 index is well-positioned to extend its gains. This historic rally underscores the growing investor confidence and the market’s potential for sustained growth.
