Karachi, November 25, 2024 – The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) soared to a new record high of 98,080 points on Monday, despite ongoing political turmoil in the country. The index closed with a gain of 282 points, up from Friday’s closing of 97,798 points.
Throughout the trading session, the market experienced significant volatility due to political uncertainty. The KSE-100 index briefly crossed the 99,000-point mark, reaching an intraday high of 99,317 points, but later retreated amid heavy profit-taking.
According to analysts at Topline Securities Limited, the market maintained its bullish momentum and posted a 0.29% gain. Investor sentiment was supported by rumors that the State Bank of Pakistan (SBP) might relax minimum deposit rate requirements for banks, a move expected to increase liquidity in the financial system.
Major contributors to the index’s upward movement were banking and technology stocks. Prominent players such as BAHL, UBL, MEBL, SYS, and MCB collectively added 555 points to the benchmark index. Their performance underscored the market’s reliance on heavyweight sectors to sustain its momentum amid uncertainty.
The trading session saw robust activity, with a total volume of 639 million shares exchanged. The day’s turnover stood at Rs. 25 billion, reflecting sustained investor interest in the market. HASCOL led the volume charts, with 64 million shares traded, indicating strong retail and institutional participation.
Despite the political unrest, the KSE-100 index’s resilience reflects investor confidence in Pakistan’s economic fundamentals and the potential for market-friendly reforms. However, analysts caution that continued volatility may persist until the political landscape stabilizes.
Market experts suggest that while the index’s upward trajectory is encouraging, future performance will depend on macroeconomic stability and the resolution of political tensions. External factors, such as global commodity prices and geopolitical developments, could also influence investor sentiment in the coming weeks.
The KSE-100’s record-breaking performance on Monday marks a notable milestone for the PSX. As trading volumes and turnover remain strong, the index continues to demonstrate its potential as a critical barometer of investor confidence in Pakistan’s economic and financial outlook.
