PSX reaches record high as bull run helps benchmark index cross 119,000 points

The Pakistan Stock Exchange (PSX) achieved an all-time high as a bull run allowed the KSE-100, the benchmark index of the PSX, to reach an intraday high of 119,421.81 points. The index peaked at 9:48 AM after which profit taking took hold of the market causing the market to close at a respectable 118,769.77 points.

For reference, the KSE-100 closed at 117,974 points on Wednesday after which the index recorded a growth of 0.67 percent during trading hours on Thursday allowing for a 795.75 point rise. The market displayed a slowdown around 12:30 PM as the KSE-100 hit its intraday trading low of 118,444.03 points before recording a swift recovery to its current position.

Most indexes remained in the green with the All-share index (ALLSHR) experiencing a 0.82 percent growth rate which translates into a 600.67 point gain for the index. Unlike the KSE-100, which tracks the performance of the 100 largest and most liquid companies, the ALLSHR index records the performance of all publicly listed companies on the PSX.

Data from the PSX reveals that ALLSHR index has shot up by a staggering 68.5 percent over just one year with the KSE-100 recording an even greater rise of 80.69 percent over a one year period – a growth rate which many would categorize as nothing short of meteoric. Moreover, the Year-to-Date (YTD) change for ALLSHR and KSE-100 index were recorded improvements, sitting at 2.02 percent and 3.16 percent respectively.

A vast array of companies witnessed a rise in share prices with Sally Textile Mills Limited (STML) and Jubillee Spinning & Weaving Mills Ltd (JUBS) winning big – to the tune of growth rates that sat at 11.11 percent (STML) and 10.87 percent (JUBS).

However, not every publicly listed stock witnessed an improvement as many companies witnessed sharp declines. Of these declining companies, the one that fared the worst during intra-day trading was First Capital Securities Corporation (FCSC) which posted a 16.85 percent decline in its position.

Trading volume of regular stocks stood at an impressive 667,875,803 shares translating into a total value of over 38.5 billion rupees. As per credible reports, the bull run was fueled by strong domestic ‘institutional buying’ along with a possible solution of Pakistan’s power sector’s circular debt in the works.

Moreover, independent investors also believe that the disbursement of over $1 billion from the International Monetary Fund (IMF) under the Extended Fund Facility (EFF) is on the horizon. Given the aforementioned reasons, investors have parked their funds into stocks as they foresee great returns in the near future.