KSE-100 surges 861 points to close beyond 95k on robust economic data

KARACHI: The KSE-100 index surged higher by 861 points to close beyond the 95,000 mark on Tuesday amid robust economic data and expectations for lower inflation numbers.

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index increased by 861 points or 0.91 per cent to 95,856.67 points against 94,995.67 points recorded in the last session. The highest index of the day remained at 96,036.49 points while the lowest level was recorded at 95,212.63 points.

Analyst Ahsan Mehanti at Arif Habib Corp said, “Stocks closed at a new all-time high as investors weigh robust economic data for the current account surplus of $349 million in October on higher remittances and exports, and FDI rising by 32 per cent to $904 million for [the] July-October [period].”

He said that surging global crude oil prices and speculations over the government’s likely patch-up with the opposition ahead of the November 24 protest played a catalyst role in the record bullish activity at the PSX.

The KSE-30 index increased by 201.55 points or 0.68 per cent to 29,682.72 points against 29,481.17 points.

Traded shares increased by 65 million shares to 830.931 million shares from 765.206 million shares. The trading value rose to Rs30.019 billion from Rs23.924 billion. Market capital expanded to Rs12.332 trillion against Rs12.233 trillion. Of the 460 companies active in the session, 249 closed in green, 156 in red and 55 remained unchanged.

Maaz Mulla, an analyst at Topline Securities, said the KSE-100 index demonstrated exceptional bullish momentum, soaring to an all-time high of 96,036. The market opened on a positive note, buoyed by expectations of the Consumer Price Index (CPI) falling within the 4.5 per cent to 5.0 per cent year-on-year (YoY) range. Notably, this marks the first time in 78 months that inflation is anticipated to drop below 5.0 per cent. The index eventually settled at 95,856, posting an impressive gain of 860 points or 0.91 per cent.

SYS (8.59 per cent) from the technology sector drew considerable investor interest after the announcement that OneZapp, a subsidiary of Systems Ltd, had officially secured approval from the State Bank of Pakistan (SBP) to commence commercial operations as an electronic money institute.

The pharmaceutical sector continued its upward trajectory, with AGP, BFBIO, FEROZ, and ABOT all closing higher than their previous sessions, extending their recent rally.

Key contributors to the index’s upward movement included SYS, UBL, ABOT, PSO, and EFERT, collectively adding 484 points to the index.

The highest increase was recorded in Rafhan Maize Products Company Limited, which rose by Rs120.10 to Rs8,004.60 per share, followed by Abbott Laboratories (Pakistan) Limited, which increased by Rs70.20 to Rs1,070.86 per share. A significant decline was noted in PIA Holding Company Limited B, which fell by Rs59.37 to Rs840.61 per share; Unilever Pakistan Foods Limited followed it, which closed lower by Rs32.50 to Rs19,117.50 per share.

Analyst Mubashir Anis Naviwala at JS Research said that significant investor interest was evident, particularly in the pharma, E&P and fertiliser sectors. “Moving forward, we advise investors to consider a buy-on-dips approach, focusing on sectors such as cement, fertilizer, automobile, E&P, and technology sectors,” he advised.

Hascol Petrol remained the volume leader with 60.058 million shares which closed higher by Re1 to Rs10.24 per share. K-Electric Ltd followed it with 44,488 million shares, which closed higher by 7 paisas to Rs5.24 per share.

Other significant turnover stocks included Cnergyico PK, Kohinoor Spining, P.T.C.L., Pak Refinery, Lotte Chemical, TPL Properties, Waves Home App and Sui South Gas.

In the futures market, 308 companies recorded trading, of which 183 increased, 114 decreased and 11 remained unchanged.