Karachi, November 11, 2024 – The KSE-100 index, Pakistan Stock Exchange’s (PSX) benchmark, reached an all-time high of 94,020 points on Monday before slipping slightly to close at a record 93,648 points. The KSE-100 index gained 356 points from last Friday’s close of 93,292 points, marking a 0.38% increase and maintaining its upward trajectory.
Analysts at Topline Securities Limited observed that the KSE-100 index demonstrated strong positive momentum throughout the session, driven largely by investor optimism and favorable valuations in key sectors. The index fluctuated within a high range, peaking at 94,020 points and hitting a session low of 93,319 points as investors reacted to price movements and specific sector opportunities. Pharma and energy stocks contributed significantly to this rally, pushing the KSE-100 index to maintain its gains by the session’s end.
The KSE-100 index’s rally was fueled by positive contributions from heavyweight stocks, including OGDC, PPL, Abbott Laboratories (ABOT), Searle (SEARL), and GlaxoSmithKline (GLAXO), which collectively added 399 points. These key players helped maintain the KSE-100 index’s bullish stance and support the overall market’s strength. Analysts credit these gains to improving investor confidence and the undervalued positions of many pharmaceutical stocks, which have recently attracted increased buying interest.
Trading volume on the KSE-100 index remained robust, with 811 million shares traded, valued at Rs 37 billion. This substantial activity indicates sustained investor interest and a strong trading day for the PSX. Cnergyico Pk Limited (CNERGY) led the trading volume, recording 98 million shares traded, which highlights a notable increase in trading within the energy sector. This heightened volume underscores the KSE-100 index’s positive performance and reflects investor confidence amid rising valuations.
The KSE-100 index has seen continued momentum in recent weeks, and Monday’s session marked an important psychological milestone, as the index crossed the 94,000-point threshold for the first time. However, despite reaching this new high, the KSE-100 index faced some selling pressure that pulled it slightly back below 94,000 points.
Market experts remain optimistic about the KSE-100 index’s outlook, especially given the increased activity and contributions from leading sectors. The session’s close at 93,648 points solidifies the KSE-100 index’s position as a key barometer of investor sentiment in Pakistan, as it continues to hit record levels in 2024.
