Karachi, July 18, 2024 – The Pakistan stock market reached a new milestone on Thursday, achieving a record high of 81,840 points. This marks a historic moment for the Pakistan Stock Exchange (PSX), surpassing the previous record of 81,156 points set earlier this week.
The benchmark KSE-100 index of the PSX gained 684 points from its previous closing, demonstrating a robust upward trend. Analysts at Topline Securities Limited attributed this strong momentum at Pakistan stock market to several key sectors, including Fertilizer, Exploration & Production (E&P), Banking, and Auto. Companies like ENGRO, UBL, OGDC, MTL, and MEBL were significant contributors, collectively adding 423 points to the index.
The trading day saw the index reach an intraday high of 81,910 points before settling at 81,840 points, reflecting an increase of 684 points or 0.84%. This positive movement highlights the market’s resilience and investor confidence amidst various economic challenges.
Trading activity was vibrant, with a total of 470 million shares exchanged, valued at Rs 25.3 billion. PAEL emerged as the most actively traded stock, with over 47 million shares changing hands. This high level of trading activity underscores the market’s liquidity and investor interest in key sectors.
Market analysts noted that the recent performance of the Pakistan stock market has been buoyed by several factors. Improved economic indicators, such as a rise in foreign exchange reserves and increased workers’ remittances, have contributed to positive market sentiment. Additionally, the recent Staff-Level Agreement (SLA) with the International Monetary Fund (IMF) for a new loan program has sent positive signals to investors, fostering optimism about future economic stability.
The Fertilizer sector, represented by ENGRO, played a crucial role in the market’s upward movement, driven by strong demand and favorable government policies. Similarly, the Exploration & Production sector, with companies like OGDC, benefited from stable global oil prices and increased production levels. The Banking sector, led by UBL and MEBL, saw gains due to improved financial results and positive regulatory developments. The Auto sector, represented by MTL, also showed strength, reflecting increased consumer demand and favorable industry trends.
As the Pakistan stock market continues to reach new heights, investors are closely monitoring global and domestic economic developments. The positive momentum observed today is expected to sustain in the coming weeks, provided that the economic indicators remain favorable and the IMF loan program proceeds as anticipated.
This historic milestone for the KSE-100 index not only reflects the market’s strength but also underscores the potential for continued growth and investment opportunities in Pakistan’s capital markets.