Karachi, May 16, 2024 – Pakistan stocks witnessed a historic surge on Thursday as the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) soared to a new all-time high, closing near the 75,000 points mark.
The market displayed a mix of sentiments throughout the day, reflecting a dynamic trading session for investors. Ali Najib, Deputy Head of Sales – Equities at Topline Securities, remarked on the day’s events, noting the market’s initial positive momentum followed by a brief retreat.
“Continuing last day’s buoyant momentum, the day commenced on a positive note,” said Najib. “The KSE 100 index made an intraday high at 75,029 levels, penetrating into the coveted 75k territory. However, profit-taking activities at the day’s peak prevented the index from holding onto the 75k level.”
Despite the temporary setback, the stocks remained resilient, witnessing fluctuations before ultimately settling at a remarkable 74,931 points, marking a gain of 267 points or 0.36% from the previous day’s close.
Key sectors of the stocks such as banks, technology, and steel played a pivotal role in driving the market’s positive trajectory. Leading entities including UBL, MCB, SYS, BAFL, MEBL, and ISL collectively contributed to the market’s upward momentum, adding 328 points.
Conversely, some profit-taking activities were observed in sectors like HUBC, EFERT, and OGDC, which cumulatively experienced a loss of 97 points, tempering the overall gains.
Trading activity remained robust throughout the day, with over 407 million shares changing hands, reflecting investors’ active participation in the market. The total trading value stood at an impressive Rs 16.8 billion, underscoring the market’s vibrancy and liquidity.
Notably, Pakistan International Airlines Corporation (PIAA) led the volumes chart, with trading reaching over 34.8 million shares, indicating significant investor interest in the aviation sector.
The surge in Pakistan’s stock market comes amid a backdrop of economic resilience and investor confidence. Despite global economic uncertainties, Pakistan’s market has demonstrated its ability to attract investments and generate substantial returns for investors.
Analysts remain cautiously optimistic about the market’s outlook, citing favorable economic indicators and ongoing reforms as key drivers for sustained growth. However, they also caution investors to remain vigilant amidst evolving market dynamics and geopolitical developments.
As Pakistan’s stock market continues to scale new heights, investors are advised to stay informed and exercise prudence while navigating the increasingly dynamic investment landscape.