Pakistan’s benchmark KSE-100 Index reached a significant milestone on Wednesday, closing above the 86,000 mark for the first time in history. The index gained 365.32 points, or 0.43%, to settle at 86,205.66, marking its 40th record close of the year.
The index has surged by an impressive 23,755 points, or 38.04%, since the beginning of 2024, reflecting strong market momentum despite foreign selling pressure over the past two months. Analysts credit the country’s economic stabilization efforts, supported by the International Monetary Fund (IMF), as a key factor in boosting investor confidence.
Intraday Performance:
The index maintained a positive trend throughout the trading session, reaching an intraday high of 86,513.46 points (+673.12) and a low of 85,948.05 points (+107.71). The total volume of shares traded on the KSE-100 Index was 259.49 million.
Out of the 100 companies included in the index, 60 saw gains, 37 experienced declines, and 3 remained unchanged by the end of the session.
Top Performers:
The top-performing stocks during the day were:
- NPL: +10.00%
- NCPL: +10.00%
- SEARL: +9.12%
- JDWS: +8.47%
- PAKT: +6.93%
Top Losers:
On the downside, the biggest losers included:
- YOUW: -4.03%
- KOSM: -3.56%
- UBL: -1.90%
- HBL: -1.76%
- DCR: -1.61%
Index Contributors:
In terms of index-point contributions, companies that pushed the index higher included:
- PPL: +96.62 points
- HUBC: +90.87 points
- PSO: +70.83 points
- OGDC: +66.70 points
- SEARL: +43.58 points
Conversely, companies that dragged the index down were:
- UBL: -89.58 points
- HBL: -45.54 points
- MCB: -38.07 points
- POL: -36.65 points
- MEBL: -33.17 points
Sector Performance:
Sector-wise, the KSE-100 Index was bolstered by the following sectors:
- Oil & Gas Exploration Companies: +134.17 points
- Power Generation & Distribution: +123.17 points
- Oil & Gas Marketing Companies: +117.76 points
- Pharmaceuticals: +62.63 points
- Tobacco: +28.93 points
However, the index was weighed down by:
- Commercial Banks: -225.95 points
- Fertilizer: -14.48 points
- Real Estate Investment Trust: -5.73 points
- Engineering: -4.85 points
- Technology & Communication: -4.80 points
Broader Market Performance:
In the broader market, the All-Share Index posted a gain of 350.98 points or 0.64%, closing at 55,292.64. The total market volume stood at 474.33 million shares, a notable increase from 422.11 million shares traded in the previous session. The traded value surged to Rs26.94 billion, showing an increase of Rs2.48 billion.
A total of 301,567 trades were reported across 444 companies, with 227 companies closing higher, 149 companies declining, and 68 companies remaining unchanged.
Top Ten by Volume:
- SEARL: +9.12%, 26.01 million shares
- HUBC: +2.93%, 24.35 million shares
- HUMNL: +0.99%, 22.57 million shares
- CNERGY: -0.78%, 22.39 million shares
- PRL: -0.68%, 16.36 million shares
- MLCF: +4.13%, 15.84 million shares
- KOSM: -3.56%, 14.33 million shares
- PTC: -1.02%, 11.31 million shares
- FCCL: -1.23%, 10.86 million shares
- NPL: +10.00%, 10.79 million shares
Year-to-Date Performance:
The KSE-100 Index has gained 7,761 points, or 9.89%, during the fiscal year, while the ongoing calendar year has seen an increase of 23,755 points, or 38.04%.
This upward trend in the market reflects growing investor confidence in Pakistan’s economic recovery and the ongoing structural reforms aimed at stabilizing the financial system.
PAKISTAN MARKETS SUMMARY
The Pakistani Rupee (PKR) slipped by 10 paisa, or 0.04%, against the US dollar in Wednesday’s interbank session, closing at PKR 277.84 per USD. The currency experienced fluctuations, reaching an intraday high of PKR 277.95 and a low of PKR 277.85.
In contrast, gold prices soared to a record high of Rs277,200 per tola, marking an increase of Rs2,200 from the previous day. This represents a remarkable 26% rise in gold prices this year, driven by optimism regarding a potential interest rate cut by the US Federal Reserve.
Internationally, gold (XAU/USD) is trading at $2,675 per ounce, reflecting a three-week high. This upward momentum is largely fueled by ongoing geopolitical tensions, particularly the Israel-Lebanon conflict, and uncertainty surrounding China’s fiscal stimulus plan. Investors are increasingly flocking to safe-haven assets like gold amid these developments.
