Karachi, November 22, 2024 – The benchmark KSE-100 index is heading towards the psychological 100,000 points level, reaching a record high of 98,430 points during intraday trading on Friday.
The KSE-100 index had already gained over 1,100 points today, compared to the previous day’s closing of 97,328 points.
Market analysts attributed the unprecedented surge in the stock market to the recent meeting between the Army Chief and the business community in Karachi. They noted that the meeting injected fresh optimism into the market, causing a sharp increase over the last two sessions.
The previous day’s market update revealed that the KSE-100 index reflected a wave of optimism following the Army Chief’s meeting with leading business figures. On Thursday, the index recorded a strong gain of 1,787 points, closing at 97,238 points, marking a 1.86% increase from the previous day’s close of 95,546 points. The session saw an intraday peak of 97,437, signaling strong investor enthusiasm.
Analysts at Topline Securities stated that the KSE-100 index was buoyed by the reassurances provided during the high-level meeting, where discussions focused on strategies to stabilize the economy and boost investor confidence. These developments inspired aggressive buying, particularly in the fertilizer and energy sectors, which led the market’s upward trajectory.
The fertilizer sector played a pivotal role in driving the KSE-100 index higher, with major contributors including Fauji Fertilizer Company (FFC), Engro Fertilizers (EFERT), Engro Corporation (ENGRO), and Fauji Fertilizer Bin Qasim Limited (FFBL). The energy sector also made significant contributions, with Oil and Gas Development Company (OGDC) among the top performers. Together, these stocks added 1,196 points to the KSE-100 index.
Trading activity surged, with volumes reaching 969 million shares and a turnover of Rs 35 billion. WorldCall Telecom Limited (WTL) led the volume charts, with 95 million shares traded. The robust trading activity underscored the KSE-100 index’s renewed vigor, reflecting heightened interest from both institutional and retail investors.
