KARACHI: The Pakistan Stock Exchange (PSX) continues to break records, on Thursday, the benchmark KSE-100 Index soared to a historic high of 114,180.50 points, reflecting a remarkable gain of 3,370.29 points or 3.04 per cent.
The market’s upward momentum persisted throughout the session, peaking at an intra-day high of 114,408.62 points.
From its devastation to barely 40,000 points in June 2023, the KSE-100 Index has grown to over 114,000—it refreshingly boasts an increase of about 180 per cent in just a space of a year and a half. Mohammed Sohail, chief executive officer of Topline Securities, termed it “the best comeback in the 75-year history of Pakistan’s stock market.” So far, nine of the ten largest single-day gains have happened in 2024, revealing the legs upon which the market stands against this resilience.
Improved positivity among investors, strong indicators of economic performance, reduced inflation, and lowered political tensions after reported negotiations renewed between the government and opposing party PTI were considered major triggers, with experts going on also reporting a drop in Treasury bill yields.
Wide-ranging buying was seen in the major sectors, such as automobile assemblers, cement, commercial banks, oil and gas exploration, power generation, and refineries. Some of the positive stocks include HUBCO, SSGC, SNGP, PPL, OGDC, MARI, ENGRO, HBL, MCB, and NBP.
The volume of shares traded in the market skyrocketed to 1,469.56 million, with the value of shares traded reaching Rs67.28 billion, rising significantly compared to the last session. WorldCall Telecom led with 232.92 million shares of all traded volumes, followed by Cnergyico PK and Pak Int Bulk.
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