Karachi, April 3, 2024 – The Pakistan stock market soared to new heights on Wednesday, reaching a historic high level of 67,756 points, driven by improved sentiments among foreign investors.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) surged by 870 points from the previous day’s closing of 66,886 points.
Mohammad Sohail, CEO of Topline Securities Limited, attributed this new high to growing confidence, particularly fueled by significant progress in privatization efforts and increased foreign portfolio investment in government papers. Sohail also highlighted the spotlight on cement stocks, fueled by expectations of a rate cut in the coming months.
The day commenced on a positive note for Pakistan equities, with the KSE 100 index reaching an intraday high of 67,873 points (+986.95) before settling at 67,756.03 points, marking a significant increase of 869.77 points.
The cement sector emerged as the primary driver of the market’s upward momentum, with investors showing keen interest in stocks such as MLCF (7.5%), FCCL (7.5%), and DGKC (7.5%), which closed at their respective upper caps. The steel sector followed suit, with ISL (6.70%), MUGHAL (5.05%), ASTL (3.97%), and INIL (3.56%) closing in the green.
Positive and negative contributions to the day’s performance were noted from various sectors. ENGRO, EFERT, LUCK, PPL, OGDC, DAWH, and MEBL contributed positively, while PPL, MCB, and HUBC incurred losses. ENGRO and EFERT added 546 points, while MEBL, PPL, MCB, and HUBC collectively lost 64.89 points.
Trading activity at the bourse remained robust, with over 361.26 million shares changing hands and a total value of Rs 11.9 billion. PIAA, FLYNG, and WTL led the volumes chart, with trading volumes exceeding 80.5 million shares.
The bullish trend in the Pakistan stock market reflects growing investor confidence and optimism regarding the country’s economic outlook. Despite global uncertainties and fluctuations in international markets, Pakistan’s equities market continues to attract attention and investment, buoyed by positive domestic developments and investor-friendly policies.
As investors continue to monitor market dynamics and explore opportunities, analysts anticipate sustained momentum in the Pakistan stock market, supported by favorable macroeconomic indicators and ongoing reforms aimed at enhancing market efficiency and transparency.
The record-breaking performance of the Pakistan stock market underscores its resilience and attractiveness as an investment destination, reaffirming its position as a key player in the region’s financial landscape.
