Karachi, October 3, 2024 – In a historic performance, the Pakistan Stock Exchange (PSX) soared to an all-time high on Thursday, with the benchmark KSE-100 index reaching 82,722 points. The remarkable surge of 755 points from the previous day’s close of 81,967 points highlights the buoyant sentiment that dominated the market, as investors capitalized on improved market conditions and positive corporate earnings.
This milestone surpasses the previous record of 82,248 points, set on September 25, 2024, further cementing the upward trajectory the market has experienced in recent weeks. Analysts at Topline Securities Limited attributed the rally to sustained optimism, which propelled the KSE-100 index by 0.92%. Enhanced trading volumes underscored the reinvigorated activity in the market, reflecting investor confidence and heightened liquidity.
A key highlight of the day was the outstanding performance of the fertilizer sector, with Fauji Fertilizer Company (FFC) leading the charge. FFC’s shares surged by 8.1%, closing at a record high, driven by a significant increase in urea sales in September 2024. The company’s stellar performance exemplifies the broader positive momentum across key sectors, including energy and banking.
In a significant diplomatic development, the visit of Malaysian Prime Minister Dato’ Seri Anwar Ibrahim to Islamabad also bolstered investor sentiment. The three-day visit, aimed at strengthening strategic ties between Malaysia and Pakistan, added a geopolitical boost to the market, further fueling optimism.
The KSE-100’s meteoric rise was largely driven by robust contributions from major players in the fertilizer and energy sectors. FFC, Engro Fertilizers (EFERT), Pakistan Petroleum Limited (PPL), Bank Alfalah Limited (BAFL), and Fauji Fertilizer Bin Qasim Limited (FFBL) were the top contributors, collectively adding 615 points to the index. On the flip side, Mari Petroleum (MARI), TRG Pakistan, MCB Bank, and Attock Refinery (ATRL) faced selling pressure, collectively subtracting 223 points.
Trading volumes surged, with a total of 319 million shares exchanging hands, amounting to Rs 16.4 billion in value. Worldcall Telecom Limited (WTL) led the trading activity, with 23 million shares traded, reflecting its strong appeal to investors amid the market’s bullish momentum.
As Pakistan’s stock market continues to break records, analysts remain optimistic about its trajectory, citing favorable macroeconomic indicators, corporate earnings, and foreign investments as key factors sustaining the upward momentum. However, caution remains due to external risks such as global oil price fluctuations and regional geopolitical uncertainties.