Karachi, October 1, 2024 – Bulls firmly gripped the Pakistan Stock Exchange (PSX) on Tuesday, propelling the benchmark KSE-100 index to a substantial gain of 690 points. The KSE-100 index closed at 81,804 points, a marked rise from the previous day’s close of 81,114 points, showcasing a robust performance by the local equity market.
Analysts at Topline Securities Limited remarked that the session was dominated by bullish sentiment, with the KSE-100 index reaching an impressive intraday high of 866 points. Though it ultimately closed 0.85% higher, the upward momentum reflected renewed investor confidence in key sectors.
Leading the charge were market heavyweights such as Hub Power Company (HUBC), Mari Petroleum Company Limited (MARI), Oil & Gas Development Company (OGDC), Bank AL Habib Limited (BAHL), and Pakistan Petroleum Limited (PPL), which collectively contributed a significant 533 points to the day’s rally. Their performance played a pivotal role in driving the KSE-100 index upward, reinforcing optimism among investors.
However, not all stocks participated in the surge. Several major players including Bank Alfalah Limited (BAFL), Habib Bank Limited (HBL), Pakistan Oilfields Limited (POL), United Bank Limited (UBL), and Meezan Bank Limited (MEBL) exerted downward pressure on the KSE-100 index, collectively dragging it down by 170 points. Despite this pullback, the bullish sentiment prevailed, leaving the market in positive territory.
On the economic front, the Consumer Price Index (CPI) for September 2024 brought welcome news, recording a year-on-year increase of 6.9%. This marks a significant drop from the 9.6% inflation rate in August 2024, and is the lowest inflation reading in 44 months. This cooling of inflation has strengthened the overall market outlook, offering investors relief after months of economic strain.
Trading activity remained vibrant throughout the session, with a total of 358 million shares changing hands, amounting to a trading volume of Rs 17 billion. Fauji Cement Company Limited (FCCL) emerged as the most actively traded stock of the day, with 29 million shares exchanging hands, demonstrating high investor interest.
As market dynamics continue to evolve, analysts remain cautiously optimistic about the stock market’s trajectory, citing improved economic indicators and positive corporate performance as key drivers for future growth. However, external factors such as global oil prices and geopolitical developments remain important variables in the market’s long-term outlook.
