Karachi, October 29, 2024 — The Pakistan Stock Exchange (PSX) witnessed yet another surge as its benchmark KSE-100 index soared to new record levels, driven by robust corporate earnings and substantial institutional buying.
The KSE-100 index closed at a historic high of 90,864 points, up by 669 points from the previous day’s close of 90,195 points, marking a 0.74% increase.
This remarkable performance sustained the PSX’s ongoing bullish momentum. Analysts from Topline Securities Limited noted that the index surged to an intraday high of 91,358 points, gaining a substantial 1,162 points before stabilizing at the closing level of 90,864. This rally underscores the strong market sentiment as the index continues to break records amidst favorable financial outcomes.
The positive trend in the KSE-100 was largely bolstered by corporate earnings that exceeded expectations, fostering increased investor confidence. Notably, the financial results provided a strong foundation for the rally, attracting considerable institutional interest that fueled further gains. The earnings season has reflected resilience in various sectors, reinforcing overall optimism in the market’s long-term potential.
Prominent contributors to Tuesday’s rally included major companies such as Fauji Fertilizer Company (FFC), Systems Limited (SYS), Cherat Cement Company Limited (CHCC), Hub Power Company (HUBC), and GlaxoSmithKline (GLAXO), collectively adding 515 points to the index. These firms benefited from higher demand, strategic growth initiatives, and better-than-anticipated earnings, positioning them as pillars of the current upward trend.
The day’s trading activity was robust, with approximately 602 million shares changing hands, translating to a total turnover of PKR 28 billion. WorldCall Telecom Limited (WTL) led in trading volume, with 41 million shares traded, underscoring its popularity among retail investors and the broader market.
The impressive performance of the KSE-100 index aligns with favorable economic indicators, with analysts foreseeing continued upward movement as long as corporate earnings remain resilient. “The KSE-100’s recent rally reflects a blend of strong corporate fundamentals and growing investor confidence, which could likely propel further gains in the coming weeks,” stated a market analyst from Topline Securities. The sustained buying interest from both local and foreign investors has added to the market’s momentum, offering a promising outlook for the remainder of the year.
As Pakistan’s stock market celebrates these record-breaking highs, the focus now shifts to upcoming earnings reports and any policy shifts that could influence market direction. Investors remain watchful, with many anticipating that the ongoing earnings season will continue to bolster the PSX, reinforcing a stable and optimistic investment landscape.