The Pakistan Stock Exchange (PSX) opened the week on a bullish note, with the benchmark KSE-100 Index surging by over 2,600 points during intra-day trading on Monday. By 2:30 pm, the index stood at 114,548.09, reflecting an increase of almost 3197 points or 2.9%.
Investors showed robust interest across key sectors, including automobile assemblers, cement, chemicals, commercial banks, fertilisers, oil and gas exploration, OMCs, and power generation.
Notable contributors to the rally included index-heavy stocks such as HUBCO, OGDC, MARI, PPL, POL, PSO, SNGPL, HBL, NBP, and MCB, all of which traded in the green.
The PSX has been a standout performer among Pakistan’s asset classes in 2024. According to Topline Securities, the KSE-100 Index has gained 78% this year, making it the second-best performing market globally, trailing only Argentina. Over the past 18 months, the exchange delivered a remarkable 177% return in USD terms (169% in PKR), driven by macroeconomic stabilisation and external account improvements.
Despite this rally, the PSX’s market capitalisation remains at $50 billion, just half of its 2017 peak of $100 billion. The decline has been attributed to PKR devaluation, significant dividend payouts, and limited new listings.
Last week, the KSE-100 Index closed with a weekly gain of 1,838.03 points, ending at 111,351.18, reflecting strong buying momentum at attractive valuations.
