Karachi, November 7, 2024 – The KSE-100 index of the Pakistan Stock Exchange (PSX) surged to a new all-time high of 92,520 points on Thursday, reflecting bullish market sentiment and robust investor confidence.
The KSE-100 index gained 499 points from the previous close of 92,021 points, marking a strong uptrend in response to favorable economic signals.
Analysts at Topline Securities Limited attributed the rally in the KSE-100 index to multiple factors, including a recent Ijara Sukuk auction, which saw the cut-off yield for the one-year Sukuk dip to 10.99%. This has fueled expectations of yield reductions across the board in upcoming Treasury bill and Pakistan Investment Bond (PIB) auctions, which in turn boosted the KSE-100 index by signaling a possible reduction in the cost of borrowing.
The market opened on a positive note, with the KSE-100 index quickly advancing to an intraday high, gaining 673 points at one point. Investor optimism also received a boost following Prime Minister’s recent diplomatic outreach to Saudi Arabia, resulting in a visit by a high-level Pakistani delegation led by the Power Minister. This trip is expected to catalyze new Saudi investments, with Reko Diq likely to emerge as a key project. This anticipated inflow of investment energized activity in key stocks, notably in OGDC and PPL, further elevating the KSE-100 index.
Among the top-performing stocks in the KSE-100 index were ENGRO, DAWH, OGDC, HUBC, and EFERT, which collectively contributed 475 points to the index’s impressive rise. Conversely, some stocks, including SYS, HBL, MEBL, KOH, and CHCC, acted as draggers, collectively shaving off 173 points from the KSE-100 index.
Trading activity was particularly vigorous, with a total volume of 678 million shares traded, reaching a value of Rs 24.8 billion. BOP emerged as the most actively traded stock, with an impressive 51.9 million shares changing hands, underscoring the robust appetite for trading across a range of sectors in the KSE-100 index.
The KSE-100 index’s historic performance today reflects growing investor confidence in Pakistan’s economic trajectory, buoyed by expectations of new foreign investments and favorable policy signals. Analysts suggest that if these positive factors continue, the KSE-100 index could maintain its upward momentum in the days ahead, attracting further inflows and solidifying the PSX as a central platform for growth and investment in Pakistan.
