Pakistan’s benchmark KSE-100 Index continued its rally on Friday, closing at 97,798.23 points, up 469.84 points (0.48%). The index flirted with the historic 100,000 mark, reaching an intraday high of 99,623.03 points before retracing slightly.
Key Highlights
- Intraday Range:
- High: 99,623.03 (+2,294.64 points)
- Low: 97,471.11 (+142.72 points)
- Total Volume: 515.07 million shares
Outlook for KSE-100
Analysts project the index could rally beyond 120,000 points by the end of 2025, driven by:
- Improved Macroeconomic Indicators:
Falling inflation and higher GDP growth expectations have bolstered investor confidence. - Declining Bond Yields:
The State Bank of Pakistan (SBP) has cut interest rates by 700bps since May 2024, reducing yields and diverting liquidity into equities. - Foreign and Domestic Investments:
Mutual funds have injected $132 million into equities since January, signaling robust investor appetite.
Sectoral and Stock Contributions
Top Performing Sectors
- Commercial Banks: Contributed +1,406 points, leading the rally.
- Property, Miscellaneous, Insurance, and Sugar also added to the index.
Lagging Sectors
- Fertilizer: Dragged the index by -184.72 points.
- Technology & Communication, Cement, Pharmaceuticals, and Oil & Gas Exploration Companies also underperformed.
Top Gainers
- JVDC: +10.01%
- BAHL: +9.62%
- MEBL: +9.53%
- BAFL: +9.26%
- HMB: +7.70%
Top Losers
- HCAR: -9.97%
- KOSM: -8.09%
- PGLC: -6.73%
- LOTCHEM: -6.21%
- POML: -5.76%
Major Index Movers
Positive Contributors:
- MEBL (+327.45 points)
- BAHL (+258.54 points)
- MCB, HBL, BAFL
Negative Contributors:
- OGDC (-104.46 points)
- EFERT, FFC, SYS, PPL
Broader Market Performance
- All-Share Index:
- Closed at 62,096.36, gaining 36.27 points (0.06%).
- Market Volume: 1.25 billion shares, up from 969.91 million in the previous session.
- Traded Value: Rs. 45.48 billion, up Rs. 10.31 billion.
- Trade Count: 428,109 trades in 449 companies.
Market Breadth:
- 112 stocks advanced,
- 296 declined,
- 41 remained unchanged.
Top Traded Stocks (By Volume)
| Symbol | Price (PKR) | Change (%) | Volume (shares) |
|---|---|---|---|
| WTL | 1.39 | 0.73% | 177,135,830 |
| KEL | 5.31 | -1.48% | 124,131,268 |
| HASCOL | 11.23 | -9.36% | 105,013,176 |
| FFL | 11.74 | 2.35% | 77,697,371 |
| TBL | 16.47 | -1.85% | 43,783,366 |
Performance Metrics for FY25 and 2024
- Fiscal Year-to-Date (FY25): KSE-100 gained 19,353 points (24.67%).
- Calendar Year 2024: The index has surged 35,347 points (56.60%) so far.
Key Drivers Behind the Rally
- Falling Interest Rates:
The SBP’s aggressive rate cuts have significantly reduced borrowing costs, enhancing equity market returns relative to bonds. - Strong Corporate Earnings:
Resilient earnings from sectors like banking, property, and consumer goods have boosted sentiment. - Political and Economic Stability:
Improved governance and reforms have reassured investors about Pakistan’s long-term growth prospects.
Challenges and Risks
- Profit-Taking at Record Levels: Investors might cash in gains as the index nears 100,000.
- Global Market Volatility: External shocks or a strengthening US Dollar could impact flows.
- Sector-Specific Risks: Underperformance in technology, fertilizer, and oil & gas may weigh on the broader index.
Outlook: The KSE-100 is poised for further growth in the medium term, driven by liquidity influx and improved economic fundamentals. However, cautious optimism is advised, as global and domestic factors could introduce volatility.
PAKISTAN MARKET NEWS
The Pakistani Rupee (PKR) appreciated by 19.99 paisa (0.07%) against the US Dollar in Friday’s interbank session, closing at PKR 277.76/USD, compared to PKR 277.96/USD on Thursday.
Key Highlights
- Intraday Range:
- Bid High: PKR 278.05
- Ask Low: PKR 277.95
- Weekly Performance: PKR declined 9 paisa against the USD over the week.
- Open Market Rates:
- Buying: PKR 276.60
- Selling: PKR 279.00
The price of gold in Pakistan and globally continued its upward trajectory on Friday as geopolitical tensions and macroeconomic factors drove increased demand for safe-haven assets.
Gold Price Movement in Pakistan
In the local market, gold prices surged for the second consecutive day:
- 24-karat gold: Increased by Rs. 2,500 per tola, reaching Rs. 280,500 from Rs. 278,000.
- 10-gram gold (24 karat): Rose by Rs. 2,143, priced at Rs. 240,483, up from Rs. 238,340.
- 22-karat gold (10 grams): Increased to Rs. 220,443 from Rs. 218,479.
- Silver prices: Remained steady at Rs. 3,450 per tola and Rs. 2,957 per 10 grams.
Global Gold Prices
Gold prices in the international market rose by $25 per ounce, climbing to $2,693 from $2,668. During the European session, gold (XAU/USD) briefly rallied above $2,700 for the first time in weeks, bolstered by escalating geopolitical tensions and strong haven demand.
