KARACHI: Stocks maintained upward momentum and increased to an all-time high of 82,721.77 points on Thursday amid fall in treasury bond yields and an increase in exports.
The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 share index increased by 754.76 points or 0.92 per cent to 82,721.77 points against 81,967.01 points recorded in the last session. The highest index of the day remained at 82,958.74 points while the lowest level was recorded at 81,981.50 points.
Analyst Ahsan Mehanti at Arif Habib Corp said, “Stocks closed all-time high after a massive fall in treasury bond yields, rising foreign exchange reserves and upbeat data on exports rising by 14.11 per cent YoY for July-September 24.”
He said that surging global crude oil prices, institutional interest ahead of quarter earnings season, and rupee stability played a catalyst role in the bullish close.The KSE-30 index increased by 306.87 points or 1.18 per cent to 26,382.13 points against 26,075.26 points.
Traded shares dropped by 41 million shares to 319.879 million shares from 360.987 million shares. The trading value rose to Rs16.414 billion from Rs15.391 billion. Market capital expanded to Rs10.782 trillion against Rs10.732 trillion. Of the 448 companies active in the session, 207 closed in green, 185 in red and 56 remained unchanged.
Maaz Mulla, an analyst at Topline Securities, said stock market maintained its upward momentum as the KSE-100 index surged 0.92 per cent, closing at 82,721, adding 754 points. Improved trading volumes reinforced the market’s revitalized activity. FFC (8.1 per cent) from the fertilizer sector gained to close highest ever on back of improved Urea sales in Sep 2024.
In other news, Malaysian Prime Minister Dato’ Seri Anwar Ibrahim arrived in Islamabad for a three-day visit, focusing on enhancing the strategic partnership between Malaysia and Pakistan. Key drivers of the index were FFC, EFERT, PPL, BAFL, and FFBL, collectively adding 615 points. On the downside, MARI, TRG, MCB, and ATRL subtracted a cumulative 223 points.
The highest increase was recorded in Unilever Pakistan Foods Limited, which rose by Rs204.2 to Rs17,500 per share, followed by Hoechst Pakistan Limited, which increased by Rs89.97 to Rs2,100 per share. A significant decline was noted in Sapphire Textile Mills Limited, which fell by Rs54.22 to Rs1,163.17 per share; Sapphire Fibres Limited followed it, which closed lower by Rs40 to Rs1,270 per share.
Brokerage Arif Habib Ltd said that the KSE-100 index hit a new all-time high, driven by strong performance in the fertilizer sector. Despite foreign supply, mutual funds continue to be active buyers, with around $17 million worth of purchases week-to-date (WTD), noted the brokerage.
Mutual funds remain under-invested in equities comparedto the peak levels seen in 2017, suggesting further buying interest. With new highs being set, the outlook remains bullish, and the index is expected to see higher levels in the near future.
WorldCall Telecom remained the volume leader with 23.243 million shares which closed lower by one paisa to Rs1.20 per share. Fauji Cement followed it with 21.628 million shares, which closed lower by 26 paisas to Rs27.15 per share.
Other significant turnover stocks included Fauji Fert Bin, Secure Logistics Gro, Flying Cement, Kohinoor Spinning, Maple Leaf, Pervez Ahmed Co, Agha Steel Ind. and Habib Bank.In the futures market, 313 companies recorded trading, of which 177 increased, 133 decreased and 3 remained unchanged.