Pakistan Stocks Reach Record High at 80,234 Points

Pakistan Stocks Reach Record High at 80,234 Points

Karachi, July 3, 2024 – Pakistan stocks achieved a historic milestone on Wednesday as the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) surged to a record high of 80,234 points, driven by positive market sentiment and increased investor participation.

The KSE-100 index recorded a significant gain of 681 points from the previous day’s closing of 79,553 points. Analysts at Topline Securities Limited noted that the index peaked during intraday trading, reaching a high of +852 points (+1.07%), before settling at 80,233 points by the closing bell.

The cement sector played a pivotal role in driving the Pakistan stocks upward trajectory, with stocks such as KOHC, PIOC, LUCK, and MLCF posting substantial gains. Despite a 4.6% decline in domestic cement sales to 38.18 million tonnes during FY24, the sector remained buoyant on the back of a 56% surge in export dispatches, totaling 7.11 million tonnes for the fiscal year.

Investor interest of Pakistan stocks also gravitated towards the banking sector, where stocks like SBL, AKBL, NBP, HBL, and JSBL ended the day on a positive note, contributing to the overall market optimism.

Key contributors to the Pakistan stocks robust performance included heavyweight stocks such as HBL, POL, HUBC, NBP, and SYS, collectively adding 388 points. Conversely, stocks like FFC, EFERT, PAKT, FABL, and INIL collectively exerted a negative impact of 146 points on the index.

Trading activity remained vibrant throughout the day at Pakistan stocks, with over 535 million shares exchanging hands at the PSX, amounting to a total value of Rs16.19 billion. Pakistan Accumulators Limited (PAEL) emerged as the most actively traded stock by volume, with approximately 34.5 million shares transacted.

The record-high level attained by Pakistan stocks underscores the resilience and optimism prevailing in the country’s equity market. Investors have shown confidence amidst economic developments and corporate earnings outlooks, driving the index to new heights. As market dynamics continue to evolve, stakeholders are closely monitoring further developments that could impact investor sentiment and market performance moving forward.