PSX continues surge, breaches 84,000-point barrier for first time

Investor confidence surged as the KSE-100 index reached an unprecedented 84,116 points.

The Pakistan Stock Exchange (PSX) witnessed a positive start to trading, with the KSE-100 index crossing the significant milestone of 84,000 points for the first time in history.

On the first trading day of the week (Monday), the market opened with a surge of 197 points, bringing the KSE-100 index to a level of 83,729 points, Express News reported.

Following this initial momentum, the market continued to rally, bolstered by renewed investor confidence stemming from last week’s market developments.

The bullish trend saw the index climbing an impressive 276 points, which further pushed the KSE-100 index to 83,808 points.

The upward momentum persisted, and by mid-session, the index experienced a remarkable rise of 584 points, ultimately reaching a record high of 84,116 points.

This surge in the stock market comes on the heels of a strong closing last week, marking a significant turnaround for investors.

Last week, the Pakistan Stock Exchange (PSX) continued its upward trajectory 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).

In the currency market, the Pakistani rupee appreciated by 0.08% against the US dollar, closing at 277.52 in the inter-bank market.

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.