Karachi, December 30, 2024 – The Pakistan Stock Exchange (PSX) witnessed a remarkable surge on Monday, as the benchmark KSE-100 Index skyrocketed by 3.51%, gaining 3,908 points amid strong bullish sentiments that dominated the trading session.
The PSX’s benchmark index closed at an impressive 115,259 points, significantly up from last Friday’s closing level of 111,351 points.
Market analysts attributed the rally at the PSX to robust investor confidence, which fueled a strong buying spree across various sectors. The KSE-100 Index peaked at an intra-day high of 115,422.34, reflecting positive momentum throughout the day.
Key sectors, including automobile assemblers, cement, chemicals, commercial banks, fertilizers, oil and gas exploration companies, oil marketing companies (OMCs), and power generation, saw across-the-board buying activity. Notable index-heavy stocks at the PSX, such as HUBCO, OGDC, MARI, PPL, POL, PSO, SNGPL, HBL, MEBL, NBP, and MCB, performed exceptionally well, trading firmly in the green.
The PSX has proven its resilience over the year, emerging as the top-performing asset class in Pakistan during 2024. According to a report by Topline Securities, the KSE-100 Index has posted a remarkable 78% gain year-to-date, positioning the PSX as the second-best performing stock market globally after Argentina. Over the last 18 months, the PSX delivered an outstanding 177% return in USD terms (169% in PKR), driven by macroeconomic stabilization and improvements in external accounts.
Despite the ongoing rally, the PSX’s market capitalization remains at $50 billion, which is half of its 2017 peak of $100 billion. Analysts attribute this decline to factors such as the depreciation of the Pakistani rupee, large dividend payouts, and a reduced number of new listings on the exchange.
During the previous week, the PSX continued its bullish momentum, closing with substantial gains. The benchmark KSE-100 Index surged by 1,838.03 points on a week-on-week basis, closing at 111,351.18 points. Investors remain optimistic about the upward trajectory of the PSX as favorable market conditions persist, further solidifying its position as a key player in Pakistan’s economic landscape.