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Pakistan’s stock market surges to historic high, closes at 55,391.37 – SUCH TV



The Pakistan Stock Exchange experienced a remarkable surge as the KSE-100 index soared by 1,129.94 points, or 2.08 per cent, day-on-day (DoD), reaching a new record high of 55,391.37 in the last session of the week.

This marks the most significant percentage and point increase since July 3, 2023, following the announcement of a $3 billion stand-by arrangement (SBA) with the International Monetary Fund (IMF), preventing a sovereign debt default.

Throughout the week, bullish trends prevailed, resulting in a weekly gain of 2,268.33 points, or 4.27 per cent.

The trading volume hit its highest point since June 16, 2021, with 372.306 million shares exchanged. Concurrently, the All-Share Index of PSX achieved a 6.5-year high at 36,794.78, gaining 648.12 points.

Market activity remained robust, with a turnover of 640.837 million shares valued at Rs21.15 billion.

The positive sentiment was reinforced by the recent PIB auction on November 8, which revealed a significant drop in yields, indicating expectations of an earlier decline in interest rates.

Investors also celebrated improved economic indicators, with October’s remittances rising by 11.54 per cent MoM to $2.46 billion, as reported by the central bank.

During today’s intraday session, the KSE-100 index maintained positivity, reaching an intraday high of 55,506.33 (+1,244.90) and a low of 54,371.75 (+110.32) points.

Of the 100 index companies, 77 closed higher, 17 lower, 3 unchanged, and 3 remained untraded.

Key contributors to the KSE-100 index included power generation and distribution, fertiliser, commercial banks, cement, and oil and gas exploration companies.

Noteworthy gainers were HUBC, EFERT, OGDC, MCB, and MEBL.

Conversely, sectors such as property, textile spinning, close-end mutual fund, and woollen incurred losses, with UNITY, JVDC, BAFL, PABC, and GADT being the main detractors.

It’s important to highlight the substantial gains made by the KSE-100, with a 33.63 per cent increase during the fiscal year and a cumulative surge of 37.04 per cent in the ongoing calendar year, totaling 14,971 points.



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