Karachi, March 28, 2024 – The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) soared to a historic high, reaching 67,142 points, as the market continued its upward trajectory, reflecting strong investor sentiment and positive economic indicators.
The index recorded a remarkable gain of 594 points from the previous day’s closing of 66,548 points, marking a significant milestone in the history of the KSE-100 index.
Analysts at Topline Securities Limited noted that the KSE-100 index maintained its upward momentum throughout the trading session, hitting an intraday high of 698.25 points and an intraday low of 143.16 points before settling at the record level of 67,142.12, registering a notable increase of 594.34 points.
Market optimism has been buoyed by the reform agenda and anticipation for a forthcoming IMF program, fostering a favorable market outlook. The Securities and Exchange Commission of Pakistan (SECP) remains committed to reforms, notably through the privatization of state-owned entities such as Pakistan International Airlines (PIA). A three-day meeting with the newly appointed Executive Committee, under the leadership of Prime Minister Sharif, aims to drive forward this reform agenda.
Investors strategically diversified their equity portfolios by acquiring blue-chip stocks across various sectors. Notably, the Power, Banking, and Fertilizer sectors positively influenced the index, with prominent companies such as Bank Al-Habib Limited (BAHL), Engro Corporation (ENGRO), MCB Bank Limited (MCB), Pakistan Petroleum Limited (PPL), and Lucky Cement Limited (LUCK) collectively contributing 208 points to the index. However, profit-taking was observed in some sectors, including Systems Limited (SYS), Allied Bank Limited (ABL), and Service Industries Limited (SRVI), resulting in a cumulative loss of 31 points.
Today’s trading session witnessed robust activity, with over 421.02 million shares exchanged at the bourse, totaling a value of Rs16.1 billion. Notable performers on the volume chart included Pakistan Telecommunication Company Limited (PTC), Lotte Chemical Pakistan Limited (LOTCHEM), and Telecard Limited (TELE), with trading volumes exceeding 107 million shares.
The surge in the KSE-100 index reflects growing investor confidence in Pakistan’s economic prospects and underscores the resilience of the country’s capital market amidst global uncertainties. As the market continues its upward trajectory, stakeholders remain optimistic about the potential for sustained growth and investment opportunities in the Pakistani stock market.
