Karachi, November 22, 2024 – The benchmark KSE-100 Index reached a historic peak of 97,790 points on Friday, despite substantial selling pressure during the session. This marks a 470-point gain from the previous day’s closing of 97,328 points, underscoring a strong yet volatile trading day on the Pakistan Stock Exchange (PSX).
During intraday trading, the KSE-100 Index soared past the 99,000-point threshold, driven by bullish sentiment and active participation from investors. However, the sharp rise prompted profit-taking as traders capitalized on the rally, pulling the index back from its high.
According to analysts at Topline Securities Limited, the market rally was primarily led by the banking sector, with the KSE-100 Index posting an intraday high of 2,295 points, reflecting a 2.36% increase. This surge was fueled by unconfirmed reports suggesting that the Pakistan Bankers Association had proposed the removal of the Minimum Deposit Rate (MDR) on savings accounts for conventional banks, sparking speculative buying.
The lack of confirmation of these rumors tempered enthusiasm, leading to some profit-taking later in the session. By the day’s end, the KSE-100 Index settled at 97,798 points, recording a modest 0.48% gain.
The banking sector was the top contributor to the index’s performance, with MEBL, BAHL, MCB, HBL, BAFL, and HMB collectively adding 1,139 points. Traded value was led by key players, including HBL (Rs 2.8 billion), PSO (Rs 2.3 billion), MARI (Rs 2.1 billion), FFC (Rs 1.93 billion), and OGDC (Rs 1.74 billion), which dominated the day’s activity.
On the downside, HCAR faced significant pressure, closing near its lower circuit (down 9.97%). The decline was attributed to its disappointing 2QMY25 results, where the company reported earnings per share (EPS) of Rs 1.80, down 62% year-on-year but up 27% quarter-on-quarter. This performance fell short of market expectations, dampening sentiment in the automobile sector.
The KSE-100 Index displayed mixed sentiments throughout the day, highlighting both investor optimism and cautious profit-taking. While the rally reflected confidence in certain sectors, the broader market remains sensitive to rumors and unconfirmed developments. Analysts emphasized that sustaining upward momentum in the KSE-100 Index will require consistent policy support, structural economic reforms, and increased investor confidence in market fundamentals.
