Pakistan’s stock market surged on Friday, driven by a larger-than-expected interest rate cut by the State Bank of Pakistan (SBP) and growing optimism ahead of the September 25 meeting between Pakistan and the IMF to finalize the $7 billion Extended Fund Facility (EFF) program. The KSE-100 Index breached the critical 80,000 level before closing at 79,333.05, up by 315.44 points or 0.40%.
MARKET VOLATILITY AMID STRONG TRADING VOLUME
The KSE-100 index recorded an intraday high of 80,016.73 (+999.12 points) and a low of 79,262.72 (+245.11 points), reflecting robust investor activity. The total volume for the KSE-100 Index amounted to 191.85 million shares, while the broader market saw 916.05 million shares traded, showing a significant increase from the previous session.
TOP PERFORMERS AND SECTOR-WISE MOVEMENTS
TOP GAINERS AND LOSERS
- Top Gainers: SRVI (+6.15%), PIBTL (+4.14%), PKGS (+3.87%), NCPL (+3.43%), JVDC (+3.04%)
- Top Losers: SHFA (-5.93%), DGKC (-4.24%), KOHC (-3.31%), MUGHAL (-2.49%), GLAXO (-2.44%)
INDEX POINT CONTRIBUTORS
- Companies lifting the index: EFERT (+81.94pts), OGDC (+73.04pts), FFC (+52.44pts), SRVI (+44.54pts), HUBC (+36.61pts)
- Companies dragging the index down: UBL (-31.50pts), MEBL (-25.35pts), DGKC (-24.87pts), KOHC (-19.45pts), HBL (-17.55pts)
SECTORAL PERFORMANCE
The market was primarily supported by strong performances in key sectors:
- Oil & Gas Exploration: +141.30 points
- Fertilizer: +125.98 points
- Leather & Tanneries: +44.54 points
- Power Generation & Distribution: +36.47 points
- Oil & Gas Marketing Companies: +24.80 points
Conversely, the Cement sector dragged the index down by 77.10 points, followed by Commercial Banks (-43.34 points) and Investment Banks/Companies (-13.83 points).
BROADER MARKET UPDATE
The All-Share Index closed at 51,156.65, with a gain of 181.72 points or 0.36%. The market saw a total traded value of Rs21.24 billion, a notable increase of Rs4.87 billion compared to the previous session.
TOP TEN VOLUME LEADERS
- WTL: 1.38 (-3.50%) | Volume: 87.8 million
- PASL: 2.03 (+50.37%) | Volume: 75.9 million
- KOSM: 8.41 (-5.19%) | Volume: 63.7 million
- FCSC: 2.69 (+59.17%) | Volume: 55.5 million
- PACE: 7.36 (+15.72%) | Volume: 35.1 million
- MDTL: 3.09 (+47.85%) | Volume: 31.5 million
- WAVESAPP: 9.32 (-0.43%) | Volume: 26.7 million
- SLGL: 19.42 (+3.96%) | Volume: 25.8 million
- TPL: 5.82 (-4.90%) | Volume: 24.9 million
- FNEL: 4.12 (+5.91%) | Volume: 23.1 million
MARKET OUTLOOK
To date, the KSE-100 Index has gained 888 points or 1.13% during the fiscal year. Additionally, the ongoing calendar year has seen a cumulative increase of 16,882 points, equivalent to a 27.03% rise. With positive economic developments on the horizon, including the SBP rate cut and IMF engagement, the outlook for the stock market remains optimistic.
PAKISTAN MARKETS
GOLD REACHES NEW ALL-TIME HIGH AT RS265,900 PER TOLA
Gold prices in Pakistan surged to unprecedented levels on Friday, with 24-karat gold hitting a new all-time high of Rs265,900 per tola, marking an increase of Rs2,900. Similarly, 24-karat gold per 10-gram also saw a jump to Rs227,966, up Rs2,486, according to the Karachi Sarafa Association. The price of 22-karat gold rose to Rs208,970 per 10-gram.
GLOBAL GOLD PRICES SOAR AS INFLATION OUTLOOK REMAINS MIXED
XAU/USD CONTINUES UPWARD MOMENTUM AFTER BREAKOUT
Gold prices globally also continued their upward trajectory, with Gold (XAU/USD) trading around $2,560, up 0.40% for the day. This rally follows a decisive breakout from a sideways range where it had fluctuated since August 20. The recent surge was triggered by mixed US Producer Price Index (PPI) data. While core PPI remained sticky, the broader market interpreted the data as disinflationary, driving investors toward gold.
PAKISTANI RUPEE APPRECIATES AGAINST US DOLLAR
PKR STRENGTHENS AS IT NEARS 278 LEVEL
In the currency market, the Pakistani rupee (PKR) appreciated by 27.83 paisa or 0.10% against the US dollar in Friday’s interbank session, closing at PKR 278.16 per USD, compared to the previous day’s close of 278.44. Throughout the day, the currency saw an intraday high of 278.45 (bid) and a low of 278.20 (ask).
