Karachi, December 5, 2023 – The Pakistan Stock Exchange (PSX) witnessed a remarkable surge on Tuesday as the benchmark KSE-100 index reached a new all-time high, concluding the trading day near the 63,000-point mark.
The index demonstrated substantial gains, adding 463 points to settle at 62,956 points, marking an impressive uptick from the previous day’s closing at 62,493 points.
Analysts at Ismail Iqbal Securities noted that the bullish momentum in the equity market persisted, propelling the KSE-100 index to this unprecedented milestone of 63,000 points. The positive sentiment in the market was reflected in the increased trading volumes, which surged to 408 million shares for the day, up from 369 million shares in the previous session.
Closing at 62,956 points, the KSE-100 index registered a 0.74 percent day-on-day (DoD) increase, underscoring the robust performance of the Pakistani stock market. Notably, the key sectors contributing significantly to this surge were oil and gas exploration companies, commercial banks, and oil and gas marketing companies. Collectively, these sectors added 521 points to the index, emphasizing their pivotal role in driving the day’s positive market momentum.
The oil and gas exploration sector, in particular, experienced noteworthy gains, bolstered by favorable market conditions and rising global oil prices. Commercial banks, a cornerstone of Pakistan’s financial sector, also played a substantial role in fueling the market’s upward trajectory. Additionally, oil and gas marketing companies contributed to the positive momentum, benefiting from the overall optimism in the energy sector.
Investors and market participants expressed optimism regarding the continued upward trend, with expectations of sustained growth in the equity market. The record-breaking performance of the KSE-100 index is seen as a testament to the resilience and attractiveness of Pakistan’s capital market, attracting both local and foreign investors.
As the market continues to evolve, analysts anticipate further developments in various sectors, potentially reshaping the investment landscape. The positive trajectory of the KSE-100 index is anticipated to contribute to the overall economic sentiment, instilling confidence in investors and stakeholders alike.
The achievement of this new all-time high near 63,000 points marks a historic moment for Pakistan’s stock market, highlighting its strength and potential for growth. The coming days will be closely monitored as market dynamics continue to unfold, providing insights into the sustainability of this upward trend and its broader impact on the nation’s financial landscape.