Karachi, November 18, 2024 – The Pakistan Stock Exchange (PSX) saw a significant milestone on Monday as the benchmark KSE-100 index closed near the 95,000 mark, setting a new all-time high.
The KSE-100 index ended at 94,996 points, up by 232 points from last Friday’s closing of 94,764 points, marking a gain of 0.24%.
Analysts at Topline Securities Limited noted that the KSE-100 index experienced a positive trading session, maintaining an upward trajectory throughout the day. The index reached an intraday high of 95,308 points, though it later settled near the record high. The market’s performance was supported by favorable economic sentiments, with investor confidence buoyed by an encouraging statement from the International Monetary Fund (IMF). The strong showing in the KSE-100 index was driven by a combination of strong corporate results and positive economic indicators, fueling optimism in the market.
Key contributors to the KSE-100’s upward movement included major stocks such as Fauji Fertilizer Company (FFC), Habib Bank Limited (HBL), Pakistan Stock Exchange Limited (PSEL), Sui Northern Gas Pipelines (SNGP), and Lucky Cement (LUCK). Together, these stocks added a total of 328 points to the index. However, the market faced some resistance from stocks like United Bank Limited (UBL), Engro Fertilizers (EFERT), and Hub Power Company (HUBC), which experienced profit-taking, collectively dragging the KSE-100 index down by 164 points.
Despite these profit-taking pressures, the overall sentiment remained positive, as market participants continued to focus on the long-term outlook for the economy and corporate earnings. Trading activity was robust, with a total of 764 million shares traded, resulting in a turnover of Rs. 23 billion. HASCOL led the volume charts, with 85 million shares changing hands, reflecting strong investor interest in the energy sector.
The KSE-100 index’s strong performance on Monday signals a continuing bullish trend in the stock market, driven by a combination of solid economic fundamentals and positive investor sentiment. As the market closed just short of the 95,000-point mark, analysts are optimistic that the index may soon breach this psychological barrier, further reinforcing the positive outlook for Pakistan’s equity market.
