On Friday, the Pakistan Stock Exchange (PSX) reached a historic milestone as the KSE-100 index exceeded 90,000 points during intra-day trading, peaking at 90,087.41 points with a gain of 1,109.73 points, or 1.25%, from the previous close of 88,945.98.
The market maintained its bullish trend throughout the week, having crossed the 89,000 mark in the previous session, fueled by positive investor sentiment stemming from economic reforms and government initiatives. A total of 62,341,937 shares were traded, amounting to a value of Rs5,057,954,342.
Read more:PSX Briefly Reached a New High of 86,846 Points During Intra-Day Trading
The PSX had previously recorded a surge of about 1,750 points, closing near 89,000 due to increased investor interest in blue-chip stocks and expectations of a significant policy rate reduction in the upcoming monetary policy announcement. This positive sentiment was bolstered by improved corporate earnings and ongoing negotiations with China regarding energy sector debt restructuring.
The KSE-100 index showed remarkable progress during the day, reaching an intra-day high of 89,126.16 points, driven by speculation about earnings during the results season. Ahsan Mehanti, Managing Director of Arif Habib Corp, noted that the rally was led by blue-chip stocks, supported by rising global crude oil prices and encouraging discussions on Chinese energy debt.
By the end of the trading session, the KSE-100 index rose by 1,751.45 points, or 2.01%, closing at 88,945.99. Market analysts expected further rate cuts in the upcoming monetary policy meeting scheduled for November 4, which they believed would encourage a shift from fixed-income investments to equities.
Notable gainers included Fauji Fertiliser Company (+6.7%), United Bank Limited (+5.33%), and Oil and Gas Development Company (+3.65%). However, some companies, like Systems Limited (-1.53%) and Interloop Limited (-2.74%), experienced declines.
Earnings reports showed Maple Leaf Cement with an EPS of Rs1.28 for the first quarter of FY25, a 17% decline year-on-year, while Interloop Limited reported a sharp drop of 94% in EPS due to lower gross profits and higher effective tax rates.
Trading volumes increased to 757.6 million shares compared to 699.3 million shares on the previous day, with the value of shares traded totaling Rs36.05 billion. K-Electric led the trading volume with 113.2 million shares, closing at Rs4.82, followed by Pakistan Telecommunication Company and Fauji Cement.
Despite a strong domestic market, foreign investors sold shares worth Rs2.68 billion, according to the NCCPL.
