PSX hits record high as KSE-100 surpasses 83,000 points for first time
Segregation of client assets is critical as brokers have been penalised for using client money illegally. PHOTO: AFP
The Pakistan Stock Exchange (PSX) continued its upward trajectory on Friday as strong buying in banking and oil & gas sectors pushed the benchmark KSE-100 index past the 83,000-point mark for the first time in history.
The KSE-100 closed at a record high of 83,531.96, gaining 810.19 points, or 0.98%, during the session. Experts attribute the bullish market sentiment to improving macroeconomic indicators.
This momentum was largely driven by a decline in yields in the secondary market on government bills, along with rising investor interest in the exploration and production (E&P) sector. Pakistan Petroleum Limited's (PPL) financials showed improved cash collection ratios, contributing to the positive sentiment.
Brokerage firm Topline Securities noted in its post-market report that PPL, OGDC, MEBL, LUCK, and POL collectively added 517 points to the index. Air Link also gained traction after reports emerged that the company had imported two electric vehicles to explore new business opportunities.
The State Bank of Pakistan’s foreign exchange reserves surpassed $10 billion, marking a two-and-a-half-year high following the disbursement of a loan tranche from the International Monetary Fund (IMF).
On Thursday, the PSX had already reached a record closing high of 82,721.77 points, driven by local investor interest and institutional support.
Globally, Asian stocks dipped slightly on Friday, while oil prices experienced their sharpest weekly gain in over a year amid rising tensions in the Middle East.
US President Joe Biden’s comments on potential strikes on Iran’s oil facilities following Tehran’s missile attacks on Israel further fueled the surge in oil prices.
In the currency market, the Pakistani rupee appreciated by 0.08% against the US dollar, closing at 277.52 in the inter-bank market.
Trading volume on the all-share index increased to 381.53 million shares from 319.88 million the previous day, while the value of shares traded rose to Rs20.52 billion from Rs16.41 billion.
Pace (Pak) Ltd. led the volume chart with 59.3 million shares, followed by Pakistan Petroleum with 21.64 million shares and Kohinoor Spinning with 19.5 million shares.
Of the 444 companies traded, 201 recorded gains, 167 saw declines, and 76 remained unchanged.