The Pakistan Stock Exchange (PSX) opened today on a positive note, with the KSE-100 index reaching a new all-time high of 86,846.03 points during intra-day trading. The market experienced robust activity, trading a total of 126,555,207 shares valued at Rs7.05 billion. Throughout the day, the index fluctuated between a peak of 86,846.03 and a low of 86,294.69, reflecting strong investor confidence. This rise followed yesterday’s close at 86,057.51, indicating an optimistic sentiment for the trading day.
Yesterday, the KSE-100 index surged past 86,000, gaining over 800 points, driven by across-the-board buying after the National Assembly approved constitutional amendments, alleviating political uncertainty. The market began the session with significant buying that continued throughout the day, leading to a recovery across various sectors and an intra-day high of 86,172.79 points toward the session’s close.
Read more: PSX Reaches New Milestone, Surpassing 85,000 Points
The PSX also celebrated the listing of BF Biosciences, a pharmaceutical joint venture between Ferozsons Laboratories and Argentina’s Bago Group, during a gong ringing ceremony. Economically, Pakistan reported a current account surplus of $119 million for September 2024, the highest since April 2024.
Ahsan Mehanti, Managing Director of Arif Habib Corp, noted that stocks showed a robust recovery, driven by broad-based buying following the National Assembly’s constitutional amendments. He added that speculation regarding the earnings season and lower lending rates also fueled bullish activity at the PSX.
By the end of trading, the benchmark KSE-100 index had gained 807.42 points, or 0.95%, closing at 86,057.52. Topline Securities reported that positive momentum persisted, bolstered by the easing of political uncertainty following the Senate’s passage of the 26th Constitutional Amendment Bill 2024, which received a two-thirds majority on Sunday evening.
Millat Tractors, United Bank Limited, Attock Refinery, Hub Power, and Pakistan Oilfields were significant contributors to the KSE-100 index, collectively adding 274 points. Arif Habib Limited (AHL) noted that the KSE-100’s gain of 0.95% was driven by the parliamentary approval of constitutional changes, which reduced some powers of the judiciary.
Among the biggest contributors to the index gains were Millat Tractors (+5.22%), UBL (+1.32%), and Attock Refinery (+10%). Meezan Bank reported an earnings per share (EPS) of Rs43.42 for the first nine months of 2024, reflecting a 33% year-on-year increase, alongside a dividend per share of Rs21, aligning with expectations.
JS Global analyst Mohammed Waqar Iqbal pointed out that the Senate’s ratification of the 26th Constitutional Amendment Bill boosted market momentum, emphasizing the upcoming week’s key corporate earnings announcements. Auto stocks appeared appealing due to a modest recovery in volumes and increased auto financing.
Overall trading volumes rose to 474.9 million shares, compared to 323.9 million on Friday, with the total value of shares traded at Rs19.7 billion. A total of 445 companies had shares traded, with 269 closing higher, 124 declining, and 52 remaining unchanged.
Kohinoor Spinning Mills led in trading volume with 59.1 million shares, gaining Rs0.94 to close at Rs8.18. It was followed by Pakistan International Bulk Terminal with 27.9 million shares, gaining Rs0.41 to close at Rs7.05, and Flying Cement with 18.5 million shares, rising Rs1.79 to close at Rs19.80. Foreign investors sold shares worth Rs204.3 million, according to the NCCPL.
