The Pakistan Stock Exchange (PSX) continued its impressive rally on Tuesday as the KSE-100 Index surged by 668.58 points, or 0.74%, to close at an all-time high of 90,864.09. This rise marks the seventh consecutive session of gains, bolstered by improving macroeconomic indicators and expectations of a potential interest rate cut by the central bank.
The index remained in positive territory throughout the day, reaching an intraday high of 91,358.15 points (+1,162.64) and a low of 90,449.41 points (+253.90). The total trading volume on the KSE-100 Index reached 256.87 million shares.
Strong Earnings Season Boosts Market Sentiment
Investor confidence was further buoyed by robust earnings results from the July-September quarter, with 56 companies in the KSE-100 closing up, 43 ending down, and one remaining untraded.
Top Gainers
- PGLC: +10.00%
- GLAXO: +10.00%
- CHCC: +9.25%
- ABOT: +6.47%
- ILP: +6.30%
Top Losers
- PIOC: -6.81%
- AIRLINK: -6.25%
- AGP: -4.25%
- SHEL: -3.71%
- PTC: -3.66%
Key Index Contributors
Several key companies contributed to the index’s overall increase, led by FFC, SYS, and CHCC. Meanwhile, other companies like EFERT and MARI dragged the index down.
| Top Positive Contributors | Points Added |
|---|---|
| FFC | +198.50 |
| SYS | +128.13 |
| CHCC | +83.24 |
| HUBC | +56.89 |
| GLAXO | +48.18 |
| Top Negative Contributors | Points Deducted |
|---|---|
| EFERT | -90.67 |
| MARI | -54.77 |
| PIOC | -47.39 |
| DAWH | -32.66 |
| AIRLINK | -26.69 |
Sector Performance
Sector-wise, the KSE-100 Index saw strong support from Commercial Banks, Fertilizer, and Technology & Communication sectors. Conversely, sectors such as Investment Banks, Oil & Gas Marketing, and Engineering posted declines.
| Top Supporting Sectors | Points Added |
|---|---|
| Commercial Banks | +206.34 |
| Fertilizer | +151.57 |
| Technology & Communication | +104.81 |
| Cement | +92.52 |
| Pharmaceuticals | +79.19 |
| Top Declining Sectors | Points Deducted |
|---|---|
| Investment Banks | -37.79 |
| Oil & Gas Marketing | -37.42 |
| Engineering | -18.93 |
| Miscellaneous | -13.20 |
| Insurance | -11.79 |
Broader Market Overview
The broader All-Share Index also experienced gains, closing at 57,924.43 with a net increase of 273.14 points, or 0.47%. The total market volume reached 602.81 million shares, up from 567.26 million shares in the previous session, with a traded value of Rs28.20 billion, a decrease of Rs1.01 billion.
In total, 439 companies traded, with 171 closing higher, 219 lower, and 49 remaining unchanged.
Top Ten by Volume
| Symbol | Price | Change % | Volume |
|---|---|---|---|
| WTL | 1.27 | +2.42% | 41,401,611 |
| SILK | 1.08 | +8.00% | 31,281,039 |
| PACE | 5.73 | -4.66% | 30,208,661 |
| POWER | 6.02 | +8.27% | 25,619,164 |
| FFL | 10.59 | +1.44% | 24,810,190 |
| KEL | 4.37 | +0.23% | 23,787,546 |
| SSGC | 13.38 | +4.29% | 21,730,897 |
| SEARL | 69.26 | -0.52% | 16,942,527 |
| TRG | 49.83 | +2.51% | 13,989,730 |
| MLCF | 38.79 | +3.00% | 12,916,797 |
Year-to-Date Performance
The KSE-100 has gained 12,419 points or 15.83% in the current fiscal year and is up 28,413 points or 45.50% so far in 2024. The continued upward trajectory reflects growing investor confidence in Pakistan’s improving economic landscape.
PAKISTAN MARKET NEWS
On Tuesday, the Pakistani rupee (PKR) recorded a minor decline against the US dollar in the interbank market, slipping by 6.11 paisa, or 0.02 percent, to close at PKR 277.74 per USD. This change was small but notable given the currency’s relatively stable trend recently, closing slightly down from its previous rate of PKR 277.68. Throughout the trading day, the rupee varied slightly, reaching an intraday peak (bid) of PKR 277.80 and a low (ask) of PKR 277.70.
Gold prices in Pakistan surged on Tuesday, with 24-karat gold being sold at Rs285,000 per tola, reflecting an increase of Rs1,600 from the previous session. The Karachi Sarafa Association also reported a rise in the 10-gram price of 24-karat gold to Rs244,342, an increase of Rs1,372. Additionally, the price for 22-karat gold climbed to Rs223,980 per 10 grams. Meanwhile, domestic silver prices remained steady, with 24-karat silver priced at Rs3,350 per tola and Rs2,872 per 10 grams.
Globally, spot gold traded around $2,752 per ounce, up by $7.9 or 0.29%, as the metal maintained strong demand amid economic uncertainties. Investors continue to favor gold as a safe-haven asset due to ongoing geopolitical concerns, particularly the Middle East tensions and anxieties surrounding the upcoming US presidential election. Vice President Kamala Harris and the Republican candidate Donald Trump are in a close race, further amplifying market volatility and investor interest in gold as a hedge.
