On Tuesday, the Pakistan Stock Exchange‘s benchmark KSE-100 index momentarily surpassed 50,000, a milestone that observers said had not occurred in six years.
KSE-100 Index Crossed 50,000 Points
Volume on the KSE-100 index peaked at 50,017.45 at 11:23 am before falling to 49,787.57 two hours later. The market finished at 49,531.01, down 200 points or 0.4 percent.
Brokerage firm Arif Habib noted in a post on X (formerly Twitter) that the index went up by “286 points (50,017 pts, or up 0.58pc, on intraday basis) DoD; the 50k level crossed after ~ six years (last seen on June 07, 2017)”.
KSE100 crossed 50k level, six year high level
KSE-100 index went up by 286 points (50,017 pts, +0.58%, on intraday basis) DoD ; the 50k level crossed after ~ six years (last seen on June 07, 2017).@Pakstockexgltd#KSE100 #PSX #Equities #Pakistan pic.twitter.com/ZqUbvptRZ2
— Arif Habib Limited (@ArifHabibLtd) October 17, 2023
Strengthening Economy
According to Raza Jafri, head of equity at brokerage firm Intermarket Securities, investors are looking at the government’s entire focus on the economy and the strengthening of the Pakistani rupee, which is feeding into predictions that interest rates have peaked.
“There could be episodes of profit-taking given the quick rally, but a successful IMF review can help lead the KSE-100 towards a new all-time high,” Jafri added.
High Trading
According to Ahsan Mehanti of Arif Habib Corp, strong activity in the earnings season continued with higher trading as investors considered rupee recovery and discussions on CPEC projects during the PM’s visit to China.
“Expected fall in inflation amid cut in local POL prices, falling current account deficit and likely release of next IMF tranche under Stand-by Arrangement played a catalyst role in bullish close.”
K-Electric Limited, Maple Leaf Cement Factory Limited, and Ghani Global Holdings Limited were the top contributors to the volume ranking.
The scrips traded 34.7 million, 15.4 million, and 10.3 million shares, respectively.
Top Volumes
| SCRIP | PRICE | HIGH | LOW | CHANGE | VOLUME |
|---|---|---|---|---|---|
| KEL | 3.14 | 3.27 | 3.0 | -0.01 | 34,756,987 |
| MLCF | 35.65 | 36.01 | 34.25 | 0.94 | 15,413,315 |
| GGL | 10.66 | 10.8 | 10.3 | 0.45 | 10,388,801 |
| FCCL | 12.75 | 13.0 | 12.4 | 0.17 | 6,610,000 |
| DGKC | 51.3 | 52.15 | 49.95 | 0.73 | 5,191,368 |
| TPLP | 12.5 | 12.69 | 12.28 | 0.14 | 4,509,321 |
| UNITY | 27.0 | 27.35 | 26.5 | 0.2 | 4,261,417 |
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