PSX hits new record as KSE-100 index surges past 96,700

The KSE-100 index surged over 800 points today.

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The Pakistan Stock Exchange (PSX) saw a significant surge on Wednesday, with the benchmark KSE-100 index climbing by 847.17 points, or 0.88%, to reach 96,703.83 points, surpassing the 96,000 mark.

At 11:05 AM, the index stood at this record level, compared to the previous day's closing of 95,856.66 points.

Market analysts attribute the rally to various factors, including favorable economic indicators and positive market sentiment.

The increase in stock prices is expected to boost investor confidence further, with traders optimistic about sustained growth in the coming weeks.

The day started with an impressive opening of 605 points, propelling the KSE-100 index to 96,461 points before extending gains later.

The current upward trend has been ongoing for weeks, with investor sentiment high and demand driving new records in Pakistan’s stock market. Key sectors, especially banking and energy, continue to attract substantial investments.

Yesterday, PSX continued with bullish trend as KSE-100 index closed at 95,856.66 points (0.91%) up from the previous close of 94,995.67 points.

The benchmark KSE-100 index gained 860.99 points to close at 95,856.66.

The trading session reflected moderate optimism, with a volume of 377,802,244 shares changing hands, and a total value of Rs3.77 billion recorded.

Additionally, the finance minister's dismissal of a mini-budget, coupled with encouraging talks with the IMF, fueled optimism at the bourse.

"Stocks closed at a new all-time high on reports of current account surplus of $349 million in October," said Ahsan Mehanti, Managing Director of Arif Habib Corp.

Investors weighed the surging forex reserves, the government's decision on SOE reforms, IPP pricing, the finance minister ruling out a mini-budget and positive meetings with the IMF, which spurred bullish activity at the PSX, he said.

At the close of trading, the benchmark KSE-100 index posted an increase of 232.03 points, or 0.24%, and settled at 94,995.67.

Arif Habib Limited (AHL), in its report, stated that the KSE-100 index closed above the 95,000 mark in the first session of the week, reflecting a positive market sentiment.

A total of 44 shares advanced while 54 declined. Key contributors to the index gains were Fauji Fertiliser Company (FFC, +1.8%), HBL (+3.35%) and Pakistan Services (+7.98%). On the downside, the largest drags were UBL (-1.25%), Engro Fertilisers (-1.4%) and Hubco (-1.2%).

Among corporate news, FFC raised its offer for the acquisition of 151 million shares of Agritech Limited, now offering Rs39.05 per share, up from its previous offer of Rs38.84, it said.

On the macroeconomic front, Pakistan's October current account posted a surplus of $349 million compared to a deficit of $287 million in the same month of last year, signalling an improvement in the country's external account position, AHL said.