Karachi, April 4, 2024 – The Pakistan stocks soared to unprecedented heights on Thursday, reaching a new historic peak at 68,417 points, as investor interest surged across various sectors.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) witnessed remarkable gains, closing at 68,417 points, a substantial increase from the previous day’s closing figure of 67,756 points. This significant uptick marked the second consecutive positive session at the exchange, with the KSE 100 Index gaining 661 points, representing a 0.98 percent increase.
Analysts at Topline Securities noted that investor interest was particularly evident in the pharmaceutical sector following news from the Lahore High Court on April 2, 2024. The court’s decision to dispose of a case in favor of the pharmaceutical industry, along with the vacation of the stay order against the deregulation of Maximum Retail Prices (MRPs) of drugs, spurred multiple companies within the sector to close at their respective upper limits.
Major positive contributions to the index were observed from companies such as MEBL, OGDC, DAWH, SYS, and PPL, which collectively contributed 303 points to the index. PIAA emerged as today’s volume leader with a trading volume of 47 million shares.
During today’s trading session, several significant developments were reported:
1. Engro’s Asset Sale: Engro Energy Limited (EEL), a wholly-owned subsidiary of Engro Corporation, announced that it had entered into definitive agreements with Liberty Power Holding (Pvt.) Limited and other parties for the sale of its entire shareholding in Engro Power Qadirpur Limited (EPQL), Engro Powergen Thar (Private) Limited (EPTL), and Sindh Engro Coal Mining Company Limited (SECMC).
2. PAEL’s Financial Results: Pakistan Atomic Energy Limited (PAEL) declared its financial results for the period ending in December. The company reported an EPS (Earnings Per Share) of Rs 0.44 for the fourth quarter of 2023 and an EPS of Rs 1.55 for the entire calendar year 2023, in line with market expectations. Additionally, the company’s Board of Directors approved the incorporation of a wholly-owned foreign subsidiary in the UAE, primarily engaged in commercial trading activities with import, export, distribution, and warehousing as its ancillary activities.
The surge in the Pakistan stock market reflects growing investor confidence and optimism regarding the country’s economic outlook. Despite global uncertainties, Pakistan’s stock market continues to attract investment, driven by positive developments in various sectors and robust corporate performance.
As the stock market continues to scale new heights, stakeholders remain cautiously optimistic, closely monitoring market dynamics and emerging opportunities for sustainable growth and prosperity in Pakistan’s financial landscape.
