The Pakistan Stock Exchange’s benchmark KSE-100 index soared to a historic high of 71,433 points, marking a 0.74% increase, with a notable surge observed after breaching the key 71,000 level on Monday. This bullish momentum reflects a robust performance in the market, driven by various factors contributing to investor confidence and optimism.
At 11:38 am, the KSE-100 index gained 631.86 points, reaching 71,541.76 points from the previous close of 70,909.90. By the end of trading, the index closed at 71,433.46 points, marking an increase of 523.56 points or 0.74% from the previous close.
The remarkable performance of the stock market is underscored by its substantial growth of 74% over the past year, with a year-to-date increase of 10.43%.
Analysts attribute today’s upward momentum to several factors. Analysts highlights the positive impact of good March quarter dividends on share prices. He also notes that Pakistan’s forward-looking price-earning ratio of 4 indicates favorable conditions for investment.
Moreover, Saudi investment in Reko Diq, along with the anticipation of Pakistan securing its next IMF program, are attributed as key drivers of the market’s performance.
Notably, interest in heavyweight stocks such as Oil and Gas Development Company (OGDC) and Pakistan Petroleum Limited (PPL) has surged, driven by expectations of Saudi investment in Reko Diq and government reforms.
Overall, the bullish trend in the stock market is supported by a combination of favourable economic indicators, positive news developments, and investor optimism, signalling a promising outlook for Pakistan’s economy.
KEY HIGHLIGHTS OF KSE-100 INDEX PERFORMANCE
- Total Volume: The KSE-100 index recorded a total volume of 360.536 million shares, indicating active trading activity in the market.
- Index Movement: Among the 100 index companies, 63 closed higher, 33 closed lower, and 4 remained unchanged, reflecting mixed sentiment among investors.
- Sectoral Performance: The index was buoyed by gains in sectors such as Oil & Gas Exploration Companies, Commercial Banks, Fertilizer, Cement, and Technology & Communication. Conversely, sectors like Power Generation & Distribution, Refinery, Tobacco, Insurance, and Chemical exerted downward pressure on the index.
- Contributors to Index Movement: Companies that contributed positively to the index included MARI, UBL, EFERT, LUCK, and OGDC, while companies such as HUBC, BAHL, EPCL, KEL, and NRL dragged the index lower.
- All-Share Index: The broader market, represented by the All-Share index, closed at 46,964.65 with a net gain of 417.42 points, indicating overall bullish sentiment in the market.
- Market Volume and Value: The total market volume increased to 655.205 million shares compared to the previous session, while the traded value rose to Rs31.25 billion, signifying increased trading activity and investor participation.
- Top Ten by Volume: HBL, PRL, PAEL, WTL, and KEL were among the top ten companies by volume, indicating significant trading interest in these stocks.
- Yearly Performance: The KSE-100 index has witnessed remarkable gains during the fiscal year, with an increase of 29,981 points or 72.33%. Additionally, the ongoing calendar year has seen a cumulative increase of 8,982 points, equivalent to 14.38%, reflecting positive market performance and investor confidence.
Overall, the KSE-100 index displayed resilience and positive momentum, driven by strong sectoral performance and active trading activity, contributing to overall market growth and investor optimism.
