Karachi, Pakistan – Pakistan’s stock market PSX extended its rally on Thursday, with the benchmark KSE-100 Index soaring by 684.26 points or 0.84%, reaching a record high of 81,839.86. The index demonstrated robust performance throughout the day, hitting an intraday high of 81,909.94 (+754.34) and a low of 81,418.11 (+262.51) points. The total volume of the KSE-100 Index was 238.79 million shares.
Market Momentum and Key Drivers
The rally began earlier in the week when the index surged over 1,211 points or 1.5% on Monday to close at a previous record high of 81,155.6, buoyed by the nation’s $7 billion loan deal with the International Monetary Fund s International Monetary Fund secured over the weekend. The market was closed on Tuesday and Wednesday in observance of the Ashura holidays.
In Thursday’s session, out of the 100 index companies, 65 closed up, 32 closed down, and 3 remained unchanged. The top gainers during the day were:
- AVN: +9.51%
- THALL: +7.17%
- PAEL: +5.41%
- PTC: +5.30%
- JVDC: +4.97%
Conversely, the top losers were:
- PAKT: -6.88%
- PKGP: -5.53%
- SCBPL: -5.27%
- DCR: -2.31%
- AKBL: -2.19%
Index Point Contributions
Companies that significantly contributed to the index’s rise included:
- ENGRO: +120.27 points
- UBL: +106.31 points
- OGDC: +82.15 points
- MTL: +58.66 points
- MEBL: +55.60 points
Meanwhile, companies that dragged the index lower were:
- PAKT: -27.93 points
- BAHL: -27.49 points
- PKGP: -24.54 points
- HMB: -23.57 points
- SCBPL: -21.38 points
Sector-Wise Performance
Sector-wise, the KSE-100 Index received support from:
- Fertilizer: +170.71 points
- Oil & Gas Exploration Companies: +159.34 points
- Commercial Banks: +109.30 points
- Technology & Communication: +90.52 points
- Automobile Assembler: +66.38 points
On the downside, sectors that underperformed included:
- Power Generation & Distribution: -46.71 points
- Tobacco: -27.93 points
- Pharmaceuticals: -15.60 points
- Real Estate Investment Trust: -6.73 points
- Insurance: -4.37 points
Broader Market Performance
The broader market also showed strength, with the All-Share index closing at 51,773.28, gaining 299.38 points or 0.58%. The total market volume was 470.31 million shares, up from 441.34 million in the previous session, while the traded value decreased by Rs1.88 billion to Rs25.35 billion. There were 289,235 trades reported in 456 companies, with 241 closing up, 155 closing down, and 60 remaining unchanged.
Top Ten by Volume
Top Ten Stocks by Volume PSX STOCKS
- PAEL: The stock closed at a price of 28.65, with a gain of 5.41%, and traded a volume of 47,990,977 shares.
- PIAHCLA: This stock closed at 19.25, up by 1.26%, with a trading volume of 25,362,682 shares.
- PTC: The closing price was 13.7, with an increase of 5.30%, and a volume of 25,028,450 shares.
- FFBL: The stock closed at 42.02, gaining 1.08%, with a trading volume of 23,541,543 shares.
- WTL: This stock remained unchanged at 1.21, with a volume of 17,263,432 shares.
- AVN: Closing at 67.16, the stock saw a rise of 9.51% and traded 12,867,271 shares.
- AIRLINK: The stock ended at 111.3, up by 1.04%, with a volume of 12,343,227 shares.
- TOMCL: Closing at 39.43, with a gain of 4.90%, and a trading volume of 10,767,597 shares.
- OCTOPUS: The stock closed at 101.56, up by 3.26%, with a volume of 10,463,789 shares.
- AGL: This stock closed at 24.68, gaining 4.22%, with a trading volume of 10,272,680 shares.
Year-to-Date Performance
The KSE-100 Index has gained 3,395 points or 4.33% during the fiscal year, while the ongoing calendar year has witnessed a cumulative increase of 19,389 points, equivalent to 31.05%.
MARKET FRONT
Gold Prices Surge in Pakistan
The price of gold in Pakistan surged to an all-time high on Thursday, with 24-karat gold jumping Rs4,600 per tola to reach Rs254,000. This significant increase comes amid speculations that the US central bank may soon lower interest rates due to signs of slowing inflation. Historically, high interest rates negatively impact gold, which does not bear interest.
Global Gold Prices Edge Higher
The gold price (XAU/USD) edged higher to near $2,470 per troy ounce on Thursday, maintaining its position close to record highs. This upward trend is driven by growing optimism that the Federal Reserve (Fed) will reduce interest rates in September. Lower interest rates typically make non-yielding assets like gold more attractive to investors.
How to invest in Pakistan stock market: The primary requirement to start this journey is PKR 5,000, which serves as the first deposit to open your account with the Pakistan Stock Exchange (PSX). To start the process of opening an account on the Pakistan Stock Market (PSX), you must collaborate with a licensed broker, as mandated by the Securities and Exchange Commission of Pakistan (SECP).
LEARN TO SAFELY INVEST IN PAKISTAN & TAKE CHARGE OF YOUR OWN MONEY
A modest sum of PKR 5,000 serves as the initial deposit to open your account with the Pakistan Stock Exchange (PSX), and is the main requirement to start this journey. Opening an account on the Pakistan Stock Market (PSX) requires you to engage with a licensed broker, according to the Securities and Exchange Commission of Pakistan (SECP).
