KARACHI: The KSE-100 made a new record of surging above 93k mark with an increase of 771 points amid a bull run in global equities.
The Pakistan Stock Exchange’s (PSX) benchmark, the KSE-100 share index, increased by 771.19 points or 0.83 per cent to 93,291.68 points against 92,520.49 points recorded in the last session. The highest index of the day remained at 93,514.56 points while the lowest level was recorded at 92,566.49 points.
Analyst Ahsan Mehanti at Arif Habib Corp said that the stock market is at an all-time high due to a global market rally and the increased importance of the country’s stocks in the MSCI index, which is drawing foreign investment.
He said that falling bank lending rates and government bond yields played a catalyst role in the record bullish activity at the PSX.The KSE-30 index increased by 255.08 points or 0.89 per cent to 29,016.97 points against 28,761.88 points.Traded shares increased by 85 million shares to 763.255 million shares from 678.788 million shares. The trading value rose to Rs30.206 billion from Rs24.827 billion. Market capital expanded to Rs11.977 trillion against Rs11.876 trillion. Of the 446 companies active in the session, 243 closed in green, 146 in red and 57 remained unchanged.
Nabeel Haroon, analyst at Topline Securities, said the KSE-100 index continued its momentum to close at the 93,292 level (up by 0.83 per cent), as a decline in yields on fixed income instrument and improvement in macroeconomic indicators continue to garner investor interest.
Pakistan inward workers remittances for the month of October 2024 came in at $3.052 billion (up by 24 per cent YoY and 7.0 per cent MoM). Traded value wise ATRL (Rs2.25 billion), OGDC (Rs2 billion), PSO (Rs1.98 billion), HUBC (Rs1.76 billion) and PPL (Rs1.28 billion) dominated the activity.
The highest increase was recorded in Hoechst Pakistan Limited, which rose by Rs172.93 to Rs2,574 per share, followed by Unilever Pakistan Foods Limited, which increased by Rs113 to Rs19,099.99 per share. A significant decline was noted in Pakistan Engineering Company Limited, which fell by Rs42.29 to Rs707.96 per share; Shifa International Hospitals Limited followed it, which closed lower by Rs33.81 to Rs338.96 per share.
Brokerage Arif Habib Ltd stated that the KSE-100 index closed the week with a robust 2.7 per cent weekly gain, pushing past the 93,000 mark as investor sentiment remained positive. On Friday, Oil & Gas Development Company (OGDC) at +4.47 per cent, Hub Power Company (HUBC) at +2.56 per cent, and Pakistan State Oil (PSO) at +4.79 per cent provided the largest upside contributions to the KSE-100’s 0.83 per cent day-on-day increase. Conversely, Lucky Cement (LUCK) at -1.4 per cent, United Bank Limited (UBL) at -0.68 per cent, and MCB Bank (MCB) at -0.97 per cent acted as the main index drags.
Support for the KSE-100 in the upcoming week is anticipated around the 90,500–91,500 range, with an outlook favouring continued upward momentum. BO Punjab remained the volume leader with 66.481 million shares which closed higher by 19 paisas to Rs6.76 per share. WorldCall Telecom followed it with 51.311 million shares, which closed higher by 4 paisas to Rs1.27 per share.
Other significant turnover stocks included Pak Elektron, Pak Int Bulk, Flying Cement, Hum Network, Kohinoor Spinning, Cnergyico PK, Fauji Foods Ltd and K-Electric Ltd.In the futures market, 308 companies recorded trading, of which 178 increased, 129 decreased and one remained unchanged.
