The Pakistan Stock Exchange (PSX) witnessed a notable performance as the benchmark KSE-100 Index surged to a new record, closing at 66,547 points on Wednesday.
This marked an increase of 641 points or 0.97% from the previous session, surpassing the former peak of 66,427 points recorded on December 12, 2023.
The index had previously encountered resistance at the 66,000 level but managed to overcome this barrier amid buying in key sectors such as cement, commercial banks, oil and gas exploration companies, and refineries.
Market sentiment was buoyed by positive developments, including progress on privatization initiatives and anticipated new agreements with the International Monetary Fund (IMF), according to Mohammed Sohail, CEO of Topline Securities.
Additionally, foreign investment, as indicated by NCCPL data, contributed to the bullish momentum, with shares trading at attractive price-to-earnings ratios.
In parallel developments, the Board of Directors of Pakistan International Airlines Corporation Limited (PIACL) approved a Scheme of Arrangement for the airline’s privatization, a move that is expected to facilitate its restructuring.
This decision, endorsed during the board’s 83rd meeting, will be submitted to the Securities and Exchange Commission of Pakistan (SECP).
Tuesday’s session also saw the PSX closing on a high note, with the KSE-100 Index gaining 381 points to approach the 66,000 mark.
In global markets, Japanese stocks advanced amid a weaker yen, while Chinese stocks saw a decline, contributing to a mixed performance in the Asia-Pacific region ahead of a significant U.S. inflation report.
The Pakistani rupee experienced a slight appreciation against the US dollar, ending the day at 278.04 in the inter-bank market.
Trading volume on the all-share index rose to 354.6 million shares from the previous session’s 303.71 million, though the total value of shares traded saw a minor decrease.
Leading the day’s trading volume were Lotte Chemical, Telecard Limited, and P.T.C.L., with significant activity observed across 346 companies.
The market dynamics reflected a mix of 179 advances and 152 declines, with 15 entities remaining unchanged.
