Pakistan’s stock market surges above 56,500 for the first time in history

The bullish momentum persisted in the Pakistan stock market today, propelling the key stock gauge to an unprecedented level above 56,000 for the first time in history.

By the session’s close, the index had reached a historic high of 56,523.58, marking an impressive surge of 1,132.21 points, or 2.04 per cent day-on-day. Notably, the KSE-100 index had experienced a notable gain of 2,268.33 points, or 4.27 per cent, in the preceding week.

Throughout the day, the index remained in positive territory, achieving an intraday high of 56,583.59 (+1,192.22) and a low of 55,644.68 (+253.31) points. The KSE-100 Index witnessed a total volume of 300.341 million shares traded.

The prevailing positive sentiment is attributed to the recent PIB auction on November 8, which exhibited a substantial decline in yields.

This decline may indicate market expectations of an earlier-than-anticipated reduction in interest rates.

Additionally, investors are anticipating a higher weighting for Pakistan in the upcoming review by global index provider Morgan Stanley Capital International (MSCI), scheduled for tomorrow.

In today’s session, out of the 100 index companies, 57 closed higher, 23 closed lower, 1 remained unchanged, and 19 were untraded.

The strength of the KSE-100 index was supported by sectors such as power generation and distribution, fertiliser, commercial banks, cement, and automobile assembly.

Contributing positively to the index were companies like HUBC, EFERT, MTL, BAHL, and MCB, accumulating significant points.

On the other hand, the KSE-100 Index faced a downturn primarily due to the refinery sector, Inv. Banks/Inv. Cos./Securities Cos., Transport, Leather & Tanneries, and Automobile Parts & Accessories.

Companies exerting downward pressure on the index included MEBL, UPFL, KEL, OGDC, and NATF. The intricate dynamics of today’s market underscore the varied performances across different sectors and companies within the KSE-100 Index.