Bulls took full control of the trading floor at the Pakistan Stock Market (PSX) on Wednesday as the benchmark KSE-100 Index hit a new high in its history by surging past the 68,000 level.Â
According to the PSX website, the market opened with a positive sentiment and exhibited an upward rally in the early trading hours. At 9:50 am, the benchmark index reached its historic high of 68,439.37 points, gaining over 683.24 points.Â
The KSE-100 Index closed the day at 68,416.78 points, up by 660.75 points or 0.98% compared to the previous close of 67,756.03 level.Â
Index-heavy sectors such as pharmaceuticals, oil and gas marketing companies (OMCs), refinery, energy, and automobile sectors were leading the buying spree in a robust market movement.Â
On Wednesday, the cement and steel sectors led the rally at the PSX as the KSE-100 ended at 67,756 after a gain of nearly 900 points.
According to a note by AKD Research, the market’s bullish momentum during the ongoing week was mainly supported by easing inflation numbers, which clocked in at 20.68% YoY for March 2024, turning real interest rates positive for the first time in 38 months.Â
Furthermore, foreign investors and institutions injected additional liquidity through buying, supporting the market’s momentum. However, with a 9.2% MoM growth in exports, the trade deficit widened to $2.2 billion, up 25% MoM.Â
Nevertheless, with Eid approaching, remittances are expected to increase, helping to control the current account balance.Â
Furthermore, with a stable exchange rate and high yields, hot money has begun to return, with net inflows into T-bills from January 24 to March 22, 2024, reaching $126 million.Â
Reports suggest that KSA is interested in purchasing shares of OGDC and PPL, in addition to an expected investment of $1.0 billion in the Reko Diq project.Â
Despite the bullish momentum, market participation declined with daily traded volume averaging at 307 million shares compared to 331 million shares in the previous week, down 7.1% Week-over-Week.Â
As per AKD Research, the market is expected to return its focus to negotiations with the IMF regarding the Extended Fund Facility (EFF), the upcoming MPC meeting, and the corporate results season following the Eid holidays.Â
Despite the market reaching its highest levels, the forward P/E remains below 4.0x, which instills positivity regarding the market’s fundamentals.
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