The Pakistan Stock Exchange (PSX) experienced a historic moment today as the KSE-100 index soared to an all-time high, surpassing the 55,000-point threshold during intraday trading. The surge was driven by increased clarity surrounding the upcoming election dates and positive expectations from an upcoming International Monetary Fund (IMF) review.
Earlier this week on Tuesday, the KSE-100 index had already breached the 54,000-point mark. This bullish trend continued, with the market closing at 55,391.37 points today, marking a significant 2.08% increase from the previous day's close of 54,261.43 points. The trading volume reflected robust activity with 640,836,781 shares exchanged, valued at Rs21.146 billion. This represented a notable rise from the trading value of Rs20.129 billion observed on the preceding day.
The market's performance was buoyed by strong domestic institutional buying and a decrease in yields of Pakistan Investment Bonds (PIBs), as noted by Raza Jafri from Intermarket Securities earlier in the week. The previous record for the KSE-100 index was set during the tenure of the Pakistan Muslim League-Nawaz (PML-N) in 2017.
In terms of individual stock performance, Cnergyico PK, Hum Network (LON:NETW), and Pak Refinery were among the most actively traded companies, with closing share prices at Rs4.78, Rs7.23, and Rs23.18 respectively. Notable gains were seen in Pak Tobacco XD, which surged by Rs49 to Rs945, and Archroma Pak, which rose by Rs30.86 to Rs489.31.
However, not all stocks experienced gains; Rafhan Maize XD saw its share price decrease by Rs36.67 to Rs7,930, and Gadoon Textile's shares fell by Rs8.90 to Rs201. Despite these variances in individual stock prices, shares of 17 companies remained unchanged.
The market's historic high reflects investor confidence in Pakistan's economic outlook and political stability as the nation prepares for its upcoming elections and awaits further developments from its engagement with the IMF.
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