KSE-100 Index Achieves Historic High, Posts Third-Largest Gain

KSE-100 Index Achieves Historic High, Posts Third-Largest Gain

Karachi, December 12, 2024 – The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) soared to an unprecedented level on Thursday, recording its third-largest single-day gain to close at a historic high of 114,180 points. The index surged by 3,370 points, equivalent to a 3.04% increase, compared to the previous day’s closing of 110,810 points.

“The KSE-100 Index posts its third-highest gain ever, soaring 3,370 points to close at 114,181. Remarkably, 9 of the top 10 largest gains have been recorded in 2024,” noted Mohammad Sohail, CEO of Topline Securities Limited.

This exceptional performance was driven by investor euphoria following a sharp decline in Treasury bill (T-bill) auction yields. The reduction in yields spurred aggressive buying across the board, propelling the market to record-breaking levels. The KSE-100 index opened on a robust note and reached an intraday high of +3,598 points before closing at 114,180 points, marking a net gain of 3,370 points (+3.04%) by the session’s end.

The ongoing rally underscores sustained optimism in the market, which has surged an astonishing 185% over the past 18 months. Today’s broad-based buying was particularly prominent in blue-chip and growth stocks across key sectors such as fertilizer, exploration and production (E&Ps), and technology. These sectors were at the forefront of the rally, reflecting robust investor confidence amid improving macroeconomic indicators.

Key contributors to the index’s remarkable rise included major players such as Fauji Fertilizer Company (FFC), Mari Petroleum Company Limited (MARI), Pakistan Petroleum Limited (PPL), Pakistan State Oil (PSO), Engro Corporation (ENGRO), and Oil and Gas Development Company Limited (OGDC). Together, these companies added a significant 2,028 points to the KSE-100 index.

Trading activity was exceptionally vibrant, with a total volume of 1,464 million shares exchanged during the session, generating a turnover of Rs 67 billion. WorldCall Telecom (WTL) emerged as the most actively traded stock, leading the volume chart with 232 million shares traded.

This historic performance of the KSE-100 index highlights the growing confidence of investors in Pakistan’s economic recovery. Experts believe that continued structural reforms and favorable economic policies will be crucial in sustaining this upward momentum and further strengthening the market’s position.