PSX hits all-time high as KSE-100 index crosses 83,000 points for the first time

KSE-100 Index rises by 338.30 points, breaching the 83,000-point barrier to reach a new record high.

Pakistan Stock Exchange (PSX) sustained its bullish trend today during intra-day trading, with the KSE-100 crossing the 83,000-point mark.

As of the latest update, the index stands at 83,060.06 points, marking an increase of 338.30 points, or 0.41%.

Index reached an intraday high of 83,174.01 points, with a low of 82,594.79 points, indicating a continued positive trend in the market.

Trading volume stands at 70,430,301 shares, while the total value of shares traded is Rs6.75 billion.

The market had closed at 82,721.76 points in the previous session.

Just a day earlier, the KSE-100 index had jumped by over 950 points, reaching a historic high of 82,974 points.

The Stock Market is not closed yet.

Yesterday, Pakistan Stock Exchange (PSX) continued its bullish momentum, driven by significant buying interest across key sectors such as automobile, cement, commercial banks, fertiliser, and oil and gas exploration.

This strong performance pushed the KSE-100 index to a new all-time high.

Ahsan Mehanti, Managing Director of Arif Habib Corp, attributed the surge to a combination of factors including a massive decline in treasury bond yields, a rise in foreign exchange reserves, and a 14.11% year-on-year increase in exports for July-September 2024.

The rise in global crude oil prices, along with institutional interest ahead of the earnings season and stability in the rupee, further bolstered the market's upward trend.

Improved trading volumes also added to the positive activity, with Fauji Fertiliser Company reaching a record high, closing at +8.1% due to improved urea sales in September.

In its review, Arif Habib Limited (AHL) noted that the strong performance in the fertiliser sector played a key role in driving the index to new heights.

Positive contributions came from Fauji Fertiliser Company (+8.22%), Engro Fertilisers (+1.78%), and Pakistan Petroleum Limited (+2.36%). AHL also mentioned that the year-to-date return for the KSE-100 index stood at 34% in US dollar terms, with mutual funds investing $17 million over the week.

JS Global analyst Mohammed Waqar Iqbal highlighted strong investor participation in exploration and production (E&P) and fertiliser sectors, with expectations of further portfolio realignment from fixed income to equities, boosting market sentiment.

Overall trading volumes fell slightly to 319.9 million shares, compared to Wednesday's 360.99 million.

The value of traded shares reached Rs16.4 billion. Out of 448 companies traded, 207 closed higher, 185 declined, and 56 remained unchanged. WorldCall Telecom led in volume with 23.2 million shares, followed by Fauji Cement with 21.6 million shares and Fauji Fertiliser Bin Qasim with 15.3 million shares.

Foreign investors sold shares worth Rs865.9 million during the day, according to data from NCCPL.