PSX SUMMARY: Pakistan’s stock market extended its rally on Friday as the KSE-100 Index surged by 810.19 points, or 0.98%, to close at a record high of 83,531.95. The bullish sentiment was fueled by the International Monetary Fund’s (IMF) approval of a $7 billion loan, a sharp drop in bond yields amid lower-than-expected September inflation, and a significant improvement in the State Bank of Pakistan’s (SBP) foreign exchange reserves.
The SBP’s reserves rose to $10.7 billion, the highest level since April 2022, after receiving $1.03 billion from the IMF under the Extended Fund Facility (EFF).
The KSE-100 Index traded in a range of 1,010.93 points, reaching an intraday high of 83,605.72 and a low of 82,594.79. Total trading volume for the index stood at 173.69 million shares, with 57 companies closing higher, 36 declining, 6 unchanged, and 1 untraded.
Top performers included Airlink (+6.41%), PPL (+6.41%), PSO (+4.93%), OGDC (+3.69%), and LUCK (+3.48%), while major losers were FFC (-1.93%), INIL (-1.75%), FFBL (-1.65%), MUGHAL (-1.59%), and NML (-1.50%).
On a sectoral basis, the Oil & Gas Exploration sector led the gains, contributing 329.25 points to the index, followed by Commercial Banks (+195.84pts), Cement (+130.78pts), Oil & Gas Marketing Companies (+74.35pts), and Power Generation & Distribution (+53.85pts). Meanwhile, the Fertilizer sector dragged the index down by 42.09 points, along with Engineering (-10.50pts), Pharmaceuticals (-7.21pts), and Automobile Parts & Accessories (-7.13pts).
The broader All-Share Index also saw positive momentum, closing up 488.15 points, or 0.93%, at 53,053.81. Total market volume increased to 381.55 million shares, while the traded value rose to Rs20.52 billion. Out of 444 companies traded, 201 closed higher, 167 fell, and 76 remained unchanged.
Notably, the KSE-100 Index has gained 5,087 points, or 6.48%, during the current fiscal year, while the calendar year-to-date increase stands at 21,081 points, or 33.76%.
PAKISTAN MARKETS SUMMARY
The Pakistani Rupee (PKR) appreciated by 22.44 paisa, or 0.08%, against the US dollar during Friday’s interbank session, closing at PKR 277.52 per USD. In the open market, the dollar was quoted at PKR 278.5 for buying and PKR 280 for selling. On a weekly basis, the rupee gained 12 paisa. Against other major currencies, the PKR strengthened against the Euro and Swiss Franc but weakened slightly against the British Pound, Japanese Yen, Chinese Yuan, Saudi Riyal, and U.A.E Dirham. In the money market, the 6-month KIBOR fell by 6 basis points, while the State Bank of Pakistan injected Rs1.01 trillion through a reverse repo and Shariah-compliant OMO.
Gold prices in Pakistan surged on Friday, with the price of 24-karat gold rising by Rs1,800 to reach Rs276,200 per tola, according to the Karachi Sarafa Association. The price for 10 grams of 24-karat gold also increased by Rs1,543, bringing it to Rs236,797. In the global market, spot gold traded at $2,658 per ounce, reflecting a slight gain of $2.5, or 0.10%. The rise in gold prices is attributed to global economic uncertainties, prompting investors to seek safe-haven assets. Meanwhile, 22-karat gold in Pakistan rose to Rs217,064 per 10 grams, while silver prices remained stable at Rs3,050 per tola. Globally, gold (XAU/USD) traded sideways, with investors awaiting the US Nonfarm Payrolls report, which is expected to influence the Federal Reserve’s monetary policy and future gold price movements.
