KARACHI: The Pakistan Stock Exchange (PSX) witnessed a historic surge as the benchmark KSE-100 index breached the 66,000 points mark for the first time on Friday. Bulls maintained control as the index soared, gaining over 1,500 points and reaching an all-time high of 66,273.73 points during the trading session. The day concluded with the index settling at 66,223.63 points, marking a substantial increase of 1505.56 points or 2.33% compared to the previous day’s close at 64,718.07 points.
Raza Jafri, Head of Equities at Karachi-based Intermarket Securities, attributed the rally to the strong performance of the banks and energy sector. He highlighted the favorable environment and attractive valuations, which contributed to the sustained momentum with both foreign and local investors actively participating.
Jafri commented on the upcoming Monetary Policy Meeting (MPC) next week, stating that while unchanged interest rates are widely anticipated, investors will closely scrutinize the monetary policy statement for insights into potential future rate adjustments.
The week saw an extraordinary gain of 4,532 points in the KSE-100 index, according to brokerage Arif Habib Limited. In an address at the Pakistan Stock Exchange, caretaker Prime Minister Anwaar-ul-Haq Kakar acknowledged the regained investor confidence. He attributed this positive sentiment to the successful signing of a standby agreement with the International Monetary Fund (IMF), the execution of the annual budget for 2023-24, and improvements in fiscal and external accounts.
PM Kakar Appreciated Bullish Trent of Pakistan Stock Exchange
Addressing a ceremony marking the first auction of Government Ijarah Sukook bonds by the PSX, Prime Minister Kakar emphasized the collective responsibility of stockbrokers, the Securities and Exchange Commission of Pakistan (SECP), and other market participants in promoting upcoming primary market auctions. He hailed the bullish sentiment as a result of an improved economy, increased participation from foreign investors, a high yield, and a stable exchange rate.
Trading activity on the PSX was robust, with a total of 1.32 billion shares exchanged, valued at Rs33.3 billion. A total of 394 companies saw their shares traded, with 257 stocks closing higher, 126 experiencing a decline, and 11 remaining unchanged.
Leading the volume charts, K-Electric Limited traded 342.5 million shares, closing at Rs4.43 after gaining Rs0.46. Following closely were Worldcall Telecom Limited and Pakistan Telecommunication Company Ltd, with 98.5 million and 58.7 million shares traded, respectively. Both companies registered gains in their share prices, contributing to the overall positive momentum in the market.
