Karachi, November 10, 2023 – The Pakistan stock market reached unprecedented heights on Friday, soaring to 55,391 points.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) experienced a remarkable gain of 1,130 points, concluding at 55,391 points, a significant surge from the previous close of 54,261 points on November 8, 2023.
Analysts from Topline Securities Limited noted that the KSE-100 Index, continuing its momentum, gained 1,130 points, resulting in a closing level of 55,391 (up by 2.08%). This historic closing level reflects the highest ever index in the market’s history.
The surge in the market can be attributed to several factors. One contributing factor is the auction of Pakistan Investment Bonds (PIBs) that took place on Wednesday. During the auction, yields experienced a decrease in the range of 15-180 basis points from the last auction, indicating the market’s anticipation of a cut in the policy rate. This positive outcome from the PIB auction has had a reinforcing effect on the market’s bullish sentiment.
Additionally, the long-awaited notification from the Oil and Gas Regulatory Authority (OGRA) regarding an increase in gas prices also contributed to the market’s upward trajectory. This development provided a further boost to investor confidence and contributed to the overall positive sentiment in the market.
The major contributors to the positive performance of the index were HUBC, EFRT, OGDC, MCB, and MEBL, collectively adding 443 points to the index. These companies played a significant role in driving the market to its historic high.
On the trading front, the volume and value for the day stood at 640 million shares and Rs 21 billion, respectively. CNERGY emerged as the volume leader for the day, with a trading volume of 103 million shares.
The robust performance of the stock market indicates growing investor confidence in the economic landscape of Pakistan. The positive response to the PIB auction and the OGRA notification suggests that investors are closely monitoring economic indicators and making strategic moves to capitalize on emerging opportunities.
As the market continues to exhibit resilience and upward momentum, investors and analysts are keenly watching for further developments in economic policies, global market trends, and other factors that could impact the trajectory of the Pakistan stock market.
The record-breaking closing level of 55,391 points marks a historic milestone for the Pakistan stock market and underscores the potential for continued growth and stability in the country’s financial markets. Investors are cautiously optimistic, and the positive sentiment is expected to guide market dynamics in the coming weeks.
