Karachi, November 2, 2023 – Pakistan stock market recorded a remarkable bull run on Thursday, closing at an astonishing 52,657 points.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) surged by 314 points from the previous day’s closing figure of 52,343 points.
Analysts at Topline Securities Limited have attributed this historic bull-run to the unwavering confidence and enthusiasm of market participants, noting that the KSE-100 index surged by 314 points, an increase of 0.60%, culminating in an impressive finish at 52,657 points.
The day began on a positive note, with the bullish momentum from the previous day persisting. Although there was a momentary profit-taking phase, investors continued to engage in active trading, effectively maintaining the market’s current rally.
One of the key drivers behind this remarkable trend was the recent decline in bond yields. In the previous auction, yields took a significant cut, with a reduction of 25, 41, and 40 basis points observed in 3-month, 6-month, and 12-month papers, respectively.
Furthermore, the decision by the Federal Reserve to keep interest rates unchanged resulted in a cooling off of international oil prices. This, in turn, attracted investors towards cyclical sector stocks, contributing to the market’s sustained growth.
During the trading day, several sectors made substantial contributions to the market’s upward trajectory. Notably, stocks from the Cement, Power, Textile, Fertilizer, and Banking sectors experienced significant gains. Companies like LUCK, HUBC, ILP, FFC, and HBL collectively added 198 points to the index. However, some stocks, including MEBL, MCB, and DAWH, experienced profit-taking, which resulted in a combined loss of 59 points.
Market activity remained robust, with a substantial 473.7 million shares traded during the day, reflecting the enthusiasm of investors. The total trading value reached Rs14.5 billion, indicating the depth and strength of the market. It is noteworthy that WTL led the volumes chart with over 39 million shares traded.
The Pakistan stock market’s impressive bull run and record-breaking performance have captured the attention of investors and analysts alike. As the market continues to set new milestones, the future holds the promise of exciting developments and opportunities for those participating in this thriving financial ecosystem.
