Karachi, December 7, 2023 – The Pakistan stock market experienced a historic milestone on Thursday as it soared to a new all-time high, reaching an impressive 64,718 points amid an ongoing bullish trading session.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed the day with a substantial gain of 800 points, surpassing the previous day’s closing of 63,918 points.
Notably, the benchmark index has displayed exceptional strength, recording a remarkable gain of 4,167 points or 7 percent within just five days into the month of December 2023. This surge has captured the attention of market participants and analysts alike, reflecting the robust and sustained bullish momentum in the Pakistani equities market.
Analysts from Topline Securities Limited emphasized that Pakistan’s equities maintained their upward trajectory, securing a sixth consecutive daily gain. Despite some volatility in the market, with the index fluctuating between a low of 63,853 and a high of 64,958, the overall trend remained firmly positive.
The initial half of the trading session witnessed substantial buying activity, propelling the index tantalizingly close to the 65,000 mark. However, a temporary decline occurred as profit-taking activities took hold, resulting in a brief dip to a low of 63,853. Undeterred, buyers swiftly re-entered the market, pushing the index back towards intraday highs. The day concluded with the index settling at 64,718, marking an increase of 800 points or 1.25 percent.
Several sectors played a pivotal role in driving the market’s positive momentum, with stocks in the Exploration & Production (E&P), Oil Marketing Companies (OMC), and Banking sectors making notable contributions. Stocks such as BAHL, MARI, MEBL, PSO, and BAFL collectively added 483 points. Conversely, some stocks, including HUBC, LUCK, and SYS, witnessed profit-taking activities, resulting in a combined loss of 97 points.
The trading day was marked by robust activity, with a total of 1.3 billion shares exchanged on the stock exchange, amounting to a substantial total value of Rs37 billion. KEL, leading the volumes chart, saw the trading of over 246 million shares, underscoring the heightened investor interest and participation in the current bullish market environment.
As the Pakistan stock market continues to set new records, market participants remain optimistic, with the remarkable performance reflecting positive sentiments and reinforcing confidence in the country’s economic prospects. The sustained bullish trend and increased trading activity highlight the resilience and attractiveness of Pakistan’s equities market to both domestic and international investors.
