PSX Soars to Record High Again as KSE-100 Closes Just Shy of 89,000 Mark
The Pakistan Stock Exchange (PSX) continued its record-setting spree for the fourth straight session on Thursday, taking the KSE-100 index just shy of 89,000 points. The benchmark KSE-100 index gained 1,751.45 points to close at an all-time high of 88,945.98 points compared to the previous closing of 87,194.53 points.
Topline Securities CEO Mohammed Sohail attributed the surge to aggressive institutional buying amid hopes of significant rate cuts in the upcoming monetary policy meetings in November and December. The next two monetary policy meetings are scheduled for November 4, 2024, and December 16, 2024.
Sohail highlighted that a record volume of Rs. 53 billion ($190 million) was traded at PSX in the cash and futures market, signaling improved investor confidence. Brokerage house Arif Habib Limited (AHL) noted that the over 1,700 points increase marked the fifth-largest one-day points gain in the index’s history.
A total of 757,648,007 shares were traded during the day compared to 699,294,030 shares on the previous trading day. The value of shares traded stood at Rs. 36.047 billion against Rs. 26.824 billion on the last trading day.
As many as 453 companies transacted their shares in the stock market, with 237 recording gains, 167 sustaining losses, and 49 remaining unchanged. The top three trading companies were K-Electric Limited with 113,202,208 shares, Pakistan Telecommunication Company Ltd (PTC) with 41,105,281 shares, and Fauji Cement Company Limited (FCCL) with 23,272,920 shares.
