Karachi, October 22, 2024 – The Pakistan Stock Exchange (PSX) witnessed a strong performance on Tuesday as the benchmark KSE-100 index surged by 409 points, driven by institutional buying and robust corporate earnings.
The KSE-100 index closed at 86,466 points, up from the previous day’s closing of 86,057 points, marking a 0.48% increase.
According to analysts at Topline Securities Limited, the market experienced bullish momentum throughout the day, with the index reaching an intraday high of 788 points before settling at a 409-point gain. This positive performance was largely attributed to institutional investors capitalizing on opportunities presented by better-than-expected quarterly results from key companies.
One of the standout performers was Systems Limited (SYS) from the technology sector, which saw its stock price surge by 7.41% following the announcement of its third-quarter 2024 results. The company reported earnings per share (EPS) of Rs7.51, exceeding market expectations and boosting investor confidence.
K-Electric (KEL) led the market in terms of trading volume, with an impressive 224 million shares traded. The stock jumped by 13.16% following a significant regulatory update, as the National Electric Power Regulatory Authority (NEPRA) approved the generation tariff for all its power plants beyond June 2023. This news provided a substantial boost to KEL’s stock price, further energizing the market.
Other key contributors to the index’s rise included Lucky Cement (LUCK), Hub Power Company (HUBC), and Attock Refinery Limited (ATRL), along with K-Electric. Collectively, these stocks added 380 points to the overall market gains, underscoring the strength of the broader market rally.
The day saw an active trading session, with total market volume reaching a robust 721 million shares, valued at Rs 25 billion. This high level of trading activity highlighted the renewed investor confidence in the market, driven by both positive corporate earnings and institutional interest.
As the market continues to show signs of recovery and strength, analysts remain optimistic about the near-term outlook, citing favorable corporate results and improving economic indicators as potential catalysts for further growth in the PSX.
The KSE-100’s strong performance on Tuesday is seen as a positive signal for investors, with expectations of sustained momentum if favorable corporate earnings and institutional buying continue in the coming days.