Tag: KSE-100 index

  • Pakistan Stock Exchange may surpass 60,000 level soon

    Pakistan Stock Exchange may surpass 60,000 level soon

    The benchmark index of the Pakistan Stock Exchange (PSX) marked a record-breaking bullish run on Monday, closing just shy of the 60,000 mark without surpassing it. 

    There is an anticipation that, given the current pace, the stock market might breach the 60,000 level soon. 

    According to the PSX website, the KSE-100 index showed marginal gains until noon. However, at 1:11 pm, it experienced a sudden surge that persisted until closing time, reaching 59,811.34, up by 724.99 points (1.23%) from the previous day’s 59,086.35.

    In the preceding Friday session, the KSE-100 index had set a new record at 59,100 points, attributed to strong corporate profits, reduced economic volatility, the successful conclusion of an IMF staff-level deal, expectations of a stable post-poll government, and optimism about an early reversal of monetary tightening. This led to a rapid increase in share prices over the last three months.

    Regarding the current rally, Raza Jafri, head of equity at Intermarket Securities, noted, “The banking sector is driving the rally, aligning with the improving economic outlook.” He emphasised that banks, offering a combination of high dividend yields and attractive valuations, have consistently been favoured by foreign investors.

    Shahbaz Ashraf, chief investment officer at FRIM Ventures, a Karachi-based investment company, attributed the rally to “cheap valuations and an influx of liquidity.”

  • PSX hits historic high: KSE-100 index surpasses 59,000 mark for the first time

    PSX hits historic high: KSE-100 index surpasses 59,000 mark for the first time

    The Pakistan Stock Exchange (PSX) extended its impressive performance, achieving a historic milestone as the benchmark KSE-100 Index surpassed the 59,000 mark for the first time ever on Friday.

    At the close of the session, the benchmark index concluded at 59,086.35, registering a gain of 186.51 points, or 0.32 per cent. This marks its highest closing level to date.

    Earlier in the day, the KSE-100 index reached an intra-day peak of 59,502.28. However, profit-taking activities in the second half of the trading session led to a partial retreat from these gains.

    The trading session commenced with widespread buying, particularly in key sectors such as automobile assemblers, cement, chemicals, commercial banks, oil and gas exploration companies, OMCs, and technology and communication, all contributing to a positive market trend.

    In the preceding session on Thursday, bulls maintained control of the bourse, with the benchmark index settling at 58,899.84, marking a substantial increase of 701.08 points, or 1.20 per cent.

    The bullish momentum in the stock market follows the recent staff-level agreement between Pakistani authorities and the International Monetary Fund (IMF) on the first review under the nine-month $3 billion Stand-By Arrangement (SBA).

    Market experts anticipate increased inflows in the coming weeks due to this agreement. However, data released on Thursday revealed a decrease of $217 million in foreign exchange reserves held by the State Bank of Pakistan (SBP) on a weekly basis, reaching $7.2 billion as of November 17.

  • Pakistan Stock Exchange achieves record high, crossing 58,000 points

    Pakistan Stock Exchange achieves record high, crossing 58,000 points

    A positive shift in market sentiment fueled the Pakistan Stock Exchange’s (PSX) upward trajectory as the benchmark KSE-100 Index surpassed the historic 58,000 level for the first time in Wednesday’s trading session.

    At 12:45 pm, the benchmark index reached 58,203.85, marking a noteworthy increase of 832.27 points, or 1.45 per cent. 

    Widespread buying, particularly in index-heavy sectors such as automobile assemblers, cement, chemicals, commercial banks, fertiliser, and oil and gas exploration companies, contributed to this surge, with OMCs also registering gains.

    The benchmark index climbed by 294 points, or 0.51%, the previous day, settling at 57,371.59.

    This sustained bullish trend reflects improved economic indicators in the country and the interim government’s successful negotiations with the International Monetary Fund (IMF) for the first review, unlocking $700 million in funding.

    Analysts expect that, following the review, Pakistan will attract additional inflows from both multilateral and bilateral partners.

    Commenting on this rapid yet anticipated recovery at PSX, Mohammed Sohail, CEO of Topline Securities, stated, “PSX is experiencing one of the fastest but not unexpected recoveries.”

  • Pakistan’s stock market surges above 56,500 for the first time in history

    Pakistan’s stock market surges above 56,500 for the first time in history

    The bullish momentum persisted in the Pakistan stock market today, propelling the key stock gauge to an unprecedented level above 56,000 for the first time in history.

    By the session’s close, the index had reached a historic high of 56,523.58, marking an impressive surge of 1,132.21 points, or 2.04 per cent day-on-day. Notably, the KSE-100 index had experienced a notable gain of 2,268.33 points, or 4.27 per cent, in the preceding week.

    Throughout the day, the index remained in positive territory, achieving an intraday high of 56,583.59 (+1,192.22) and a low of 55,644.68 (+253.31) points. The KSE-100 Index witnessed a total volume of 300.341 million shares traded.

    The prevailing positive sentiment is attributed to the recent PIB auction on November 8, which exhibited a substantial decline in yields.

    This decline may indicate market expectations of an earlier-than-anticipated reduction in interest rates.

    Additionally, investors are anticipating a higher weighting for Pakistan in the upcoming review by global index provider Morgan Stanley Capital International (MSCI), scheduled for tomorrow.

    In today’s session, out of the 100 index companies, 57 closed higher, 23 closed lower, 1 remained unchanged, and 19 were untraded.

    The strength of the KSE-100 index was supported by sectors such as power generation and distribution, fertiliser, commercial banks, cement, and automobile assembly.

    Contributing positively to the index were companies like HUBC, EFERT, MTL, BAHL, and MCB, accumulating significant points.

    On the other hand, the KSE-100 Index faced a downturn primarily due to the refinery sector, Inv. Banks/Inv. Cos./Securities Cos., Transport, Leather & Tanneries, and Automobile Parts & Accessories.

    Companies exerting downward pressure on the index included MEBL, UPFL, KEL, OGDC, and NATF. The intricate dynamics of today’s market underscore the varied performances across different sectors and companies within the KSE-100 Index.

  • Pakistan stock market continues bullish run, nearing 55,000-point mark

    Pakistan stock market continues bullish run, nearing 55,000-point mark

    The Pakistani stock market is expected to surge past 55,000 points, continuing its bullish run at the Pakistan Stock Exchange (PSX). The benchmark KSE-100 Index reached a new historic high of 54,261 points on Wednesday amidst record trading activity.

    Institutional buying drove the index past the 54,000 mark during intraday trading. Maintaining momentum throughout the day, the KSE-100 Index settled at 54,261.42 points, an increase of 525.69 points, or 0.98 per cent.

    Profit-taking erased some gains at the PSX on Tuesday, with the benchmark KSE-100 Index falling by 125 points to settle at 53,735.73 at the end of trading.

    However, buying resumed on Wednesday, particularly among index-heavy sectors such as automobile assemblers,cement, chemicals, commercial banks, oil and gas exploration companies, and OMCs.

    Analysts attribute the bullish trend to expectations of a decline in the policy interest rate in the coming weeks.

    Experts believe that interest rates may come down sooner than expected due to the fall in global oil prices.

    Improved macroeconomic indicators, including a decline in the country’s current account deficit to $8 million in September 2023 (down from $360 million in the same month in 2022) and a drop in CPI-based inflation, have also contributed to the positive sentiment at the bourse.

  • Pakistan’s stock market surges to all-time high of 53,123.04 points

    Pakistan’s stock market surges to all-time high of 53,123.04 points

    The Pakistan Stock Exchange (PSX) continued its impressive performance, with the benchmark KSE-100 index surging by over 700 points and approaching the historic milestone of 54,000 during Monday’s trading session.

    As the closing bell neared, the KSE-100 Index stood at 53,860.36, reflecting a remarkable gain of 737.33 points, or 1.39 per cent.

    In the preceding week, the KSE-100 index achieved a then-record high, driven by robust buying primarily from local investors, bolstered by institutional support.

    The benchmark index witnessed a substantial week-on-week increase of 2,179.20 points, breaching the 53,000 mark and concluding at an all-time high of 53,123.04 points, a historic first.

    Monday’s trading session witnessed broad-based buying, with key sectors such as cement, chemicals, commercial banks, and OMCs all trading in positive territory.

    Market analysts attributed this positive momentum to an overall improvement in economic indicators, notably the State Bank of Pakistan’s (SBP) decision to maintain interest rates at 22 per cent during the last Monetary Policy Committee (MPC) meeting.

    Additionally, a decrease in the inflation rate, with the October 2023 Consumer Price Index (CPI) at 26.9 per cent year-on-year and favourable feedback from the International Monetary Fund (IMF) mission currently visiting Pakistan, further enhanced market sentiment.

    Furthermore, the announcement of final election dates by the country’s election commission, signifying political stability, also played a significant role in creating favourable conditions within the market.

  • Pakistan Stock Exchange surpasses 50,500 points after more than six years

    Pakistan Stock Exchange surpasses 50,500 points after more than six years

    On Friday, the KSE-100 benchmark index of the Pakistan Stock Exchange surpassed the 50,500-point mark, a level last witnessed in May 2017 when it reached 50,592 points. 

    The Karachi Stock Exchange (KSE-100) index has advanced by 207 points and is presently at 50,572 points.

    Yesterday marked a significant milestone for the Pakistan Stock Exchange as its benchmark KSE-100 index crossed the 50,000-point threshold, an achievement that experts have noted took six years to accomplish. 

    During intraday trading, the benchmark Karachi Stock Exchange (KSE) 100 Index surged by 600 points, settling at 50,025 points, a level not seen since June 7, 2017.

    Concurrently, the Pakistani rupee exhibited a recovery against the US dollar in the interbank market on Thursday. After experiencing a Rs1 gain against the PKR in interbank trading on Wednesday, the US dollar depreciated by Rs1.96 in early Thursday afternoon trading. 

    As of the latest data, the Pakistani rupee has gained Rs1.96 against the US dollar, now trading at Rs278.30 in the interbank market, according to forex dealers. 

    In the open market, banks are selling the greenback to importers at Rs278.80, while the US currency has also experienced a Rs1 loss against the local currency.

  • Pakistan Stock Exchange breaks six-year record, surpasses 50,000 points 

    Pakistan Stock Exchange breaks six-year record, surpasses 50,000 points 

    The recent surge in the performance of the benchmark KSE-100 Index at the Pakistan Stock Exchange (PSX) can be attributed to the combination of a positive earnings season and notable economic improvements. 

    On Tuesday, the index breached the significant 50,000-point threshold, marking the first time in over six years since June 7, 2017.

    Around 11 am, the benchmark index was trading at 50,017 points, reflecting a gain of 286 points, equivalent to a 0.58 per cent increase. However, it later retracted from this milestone. 

    This momentous achievement was supported by multiple factors, including an enduring upward trend observed in various sectors, such as automobile assemblers, commercial banks, cement, chemical, oil marketing companies, and oil and gas exploration firms.

    The bullish momentum on the Pakistan Stock Exchange has been a consistent theme, extending through 11 consecutive trading sessions. Intra-day trading on Monday nearly brought the KSE-100 Index to the 50,000 level, closing at 49,731.35 points. 

    One significant driver behind this surge has been the strengthening of the Pakistani rupee against the US dollar, with the exchange rate holding steady at around Rs275 in the inter-bank market.

    Additionally, the ongoing earnings season has instilled confidence in the market, with high expectations, especially in the banking sector, for positive financial results. These factors collectively contribute to the robust performance witnessed in the Pakistani stock market.