PSX Bull Run Continues: KSE-100 Surpasses 83,000 Points, Reaching New Highs
The Pakistan Stock Exchange (PSX) sustained its bullish momentum today, with the KSE-100 index surpassing the 83,000-point milestone. As of the latest update, the index stands at 83,060.06 points, reflecting an increase of 338.30 points, or 0.41%. This continued upward trend signals strong market sentiment.
Intraday Performance
The KSE-100 index reached an intraday high of 83,174.01 points, while its low was recorded at 82,594.79 points, showing the ongoing positive momentum in the market. Trading volume for the day stands at 70,430,301 shares, with a total value of Rs6.75 billion. The market had closed at 82,721.76 points in the previous session, indicating a steady rise.
Historic Surge in the KSE-100
Just a day earlier, the KSE-100 index witnessed a historic jump, increasing by over 950 points to close at 82,974 points. This remarkable performance was driven by significant buying interest across various sectors, including automobile, cement, commercial banks, fertilizer, and oil and gas exploration.
Factors Driving Market Growth
Ahsan Mehanti, Managing Director of Arif Habib Corp, linked the surge to several factors. These included a sharp drop in treasury bond yields and higher foreign exchange reserves. Exports grew 14.11% year-on-year from July to September 2024. Rising global crude oil prices and strong institutional interest before the earnings season also played a role. Additionally, stability in the Pakistani rupee supported the positive trend.
Sectoral Performance
The fertilizer sector played a pivotal role in driving the index to new heights. Notably, Fauji Fertiliser Company reached a record high, closing at +8.1% due to improved urea sales in September. Arif Habib Limited (AHL) highlighted the strong contributions from Fauji Fertiliser Company (+8.22%), Engro Fertilisers (+1.78%), and Pakistan Petroleum Limited (+2.36%) as key drivers of the market’s surge. The year-to-date return for the KSE-100 index stands at 34% in US dollar terms, with mutual funds investing $17 million over the week.
Investor Sentiment
JS Global analyst Mohammed Waqar Iqbal noted strong investor participation in the exploration and production (E&P) and fertilizer sectors. He predicted further portfolio realignments from fixed income to equities, which is expected to continue boosting market sentiment.
Trading Activity and Market Trends
Overall trading volumes dipped slightly to 319.9 million shares, down from 360.99 million shares in the previous session. The value of traded shares reached Rs16.4 billion. Out of 448 companies traded, 207 closed higher, 185 declined, and 56 remained unchanged. WorldCall Telecom led the trading volume with 23.2 million shares, followed by Fauji Cement with 21.6 million shares, and Fauji Fertiliser Bin Qasim with 15.3 million shares.
Foreign Investor Activity
Despite the positive market performance, foreign investors sold shares worth Rs865.9 million during the trading day, as per data from the National Clearing Company of Pakistan Limited (NCCPL).
