By Ali Imran
ISLAMABAD: The Pakistan Stock Exchange (PSX) defied political uncertainties in the country today, with the benchmark KSE-100 index surging past the 99,300 mark during intraday trading.
Despite ongoing concerns over political instability, market sentiment remained resilient, driven by strong investor confidence and positive corporate earnings reports.
The KSE-100 index gained 1,519.24 points, or 1.55%, to reach 99,317.47 points. The recovery was attributed to a rebound driven by investor optimism fueled by macroeconomic factors, despite the political turmoil.
The market’s performance was driven by a strong volume of 130,471,037 shares traded. This slight rally follows the previous close of stock market was 97,798.23, indicating a steady but cautious market environment.
With a total value of 6.7 billion dollars in traded shares, investors appear to have found a balance between risk and return.
Earlier yesterday, In a historic milestone, the Pakistan Stock Exchange (PSX) soared to unprecedented highs in the outgoing week and crossed the 99,000-point barrier in intra-day trading on Friday.
Though the KSE-100 index retreated to around 97,800 later, it still closed at a record high, with gains of over 4,500 points.
The stunning rally reflected a combination of favourable macroeconomic indicators, robust fundamentals and high liquidity, encouraging investors to engage in extensive stock buying. Among the notable developments, Pakistan posted a current account surplus of $218 million for the first four months of FY25 and the State Bank of Pakistan (SBP) raised Rs350 billion in an auction of Pakistan Investment Bonds (PIBs), where yields fell up to 19 basis points.
Power generation saw a 7.2% year-on-year rise to 10,262 gigawatt hours (GWh) in October 2024 as for the first time in 13 months, the actual output exceeded the reference generation by 0.7%.
Day-to-day movement showed that at the commencement of the week, the bourse hit a new all-time high of 94,996 points, buoyed by a positive shift in the economic outlook as October’s current account posted a surplus of $349 million compared to a deficit of $287 million last year.
The following day, the KSE-100 index soared to another record high, reaching 96,036 in intra-day trading and closing at 95,857, with a gain of over 850 points.
