The Pakistan Stock Exchange (PSX) continued its record-breaking trajectory as the benchmark KSE-100 Index crossed the 113,000-point mark for the first time in history during Thursday’s early trading hours. Later the market closed above a historic 114,000 points marking a historic day at the exchange.
The index reached an intra-day high of 113,481.90 before settling slightly lower. However, right before the end of the trading session, the trading volume picked up pace taking the benchmark index all the way to 114,180.5 points showcasing a gain of 3379.3 points (3.04%).
According to Mohammed Sohail, CEO of Topline Securities, “KSE-100 Index posted its 3rd highest gain ever, soaring 3,370 points to close at 114,181. Remarkably, 9 of the top 10 largest gains have been recorded in 2024!”.
The surge was driven by robust buying across key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration, power generation, and refineries. Index heavyweights like HUBCO, SSGC, SNGP, PPL, OGDC, MARI, ENGRO, HBL, MCB, and NBP traded in positive territory, fueling the rally.
Market experts credited the bullish momentum to a mix of strong economic indicators, stabilising global crude oil prices, and easing geopolitical tensions.
Mohammed Sohail, stated in a note, during the day’s trade that, “From 40k to 112k in just 18 months – a stellar 180% return. This marks the best comeback in Pakistan stock market’s 75-year history, tripling in value and showcasing unmatched resilience.”
Investors are also keenly awaiting the Monetary Policy Committee’s (MPC) upcoming decision, with widespread anticipation of a major interest rate cut.
Adding to the optimism, the Asian Development Bank (ADB) revised Pakistan’s GDP growth forecast for FY2025 to 3%, up from 2.8%, and lowered its inflation projection for FY2024 from 15% to 10%.
This follows Wednesday’s strong performance, where the KSE-100 Index gained 1,913.57 points, or 1.76%, to close at 110,810.22 points—a new all-time high.
The PSX’s historic climb underscores investor confidence and reflects the market’s resilience in the face of economic challenges.
