PSX hits new record high, crossing 55,000 mark

The Pakistan Stock Exchange (PSX) maintained its bullish trend as the KSE-100 Index surged over 2 per cent, surpassing the 55,000 level and establishing a new record high at 55,391.36.

This marked a notable gain of 1129.94 points, or 2.08 per cent, by the end of Friday’s trading session. The intra-day peak of 55,506.32 now stands as the highest level achieved by the KSE-100.

Friday’s trading saw widespread buying activity, particularly in key sectors like automobile assemblers, cement, chemicals, fertilisers, power generation, distribution, refineries, and oil and gas exploration companies.

The positive momentum was attributed to the results of a PIB auction, as noted by Mohammed Sohail, CEO at Topline Securities.

Macro-economic factors also contributed to the positive market sentiment, including a reduction in the country’s current account deficit to $8 million in September 2023 compared to $360 million in the same month last year.

Additionally, a decline in CPI-based inflation added to the favourable market conditions.

Simultaneously, the Pakistani rupee continued its 14-session decline against the US dollar, settling at 287.03, a 0.05 per cent depreciation on Friday.

In another development, overseas workers’ remittances reached $2.5 billion in October 2023, showing an 11.5 per cent increase compared to September 2023.

Trading activity on Friday saw increased volume on the all-share index, rising to 640.8 million shares, with a total share value of Rs21.1 billion.

Notable performers included Cnergyico PK and Pak Refinery in terms of traded volume.
In summary, the PSX’s bullish momentum, driven by positive economic indicators and significant sectoral gains, propelled the KSE-100 Index to a historic high, supported by increased trading activity and positive developments in the currency and remittance sectors.