Pakistan’s stock market bounces back with 414 points to close at new record high

KARACHI: Following a brief downturn yesterday, the Pakistan Stock Exchange displayed resilience, witnessing a noteworthy rebound.

The key benchmark index surged by 414.46 points, translating to a 0.63 per cent increase, culminating in today’s session at an all-time high of 66,426.78.

Today’s market focus was predominantly on the Monetary Policy Committee’s decision. While the prevailing market sentiment leans towards an anticipated rate pause, some stakeholders express optimism for a marginal cut.

Throughout the trading day, the index maintained a positive trajectory, reaching an intraday high of 66,604.04 (+591.72) and a low of 66,121.14 (+108.81) points. The KSE-100 index exhibited a total volume of 467.908 million shares.

Among the 100 index companies, 55 recorded gains, 35 experienced losses, 1 remained unchanged, and 9 stayed untraded.

Noteworthy contributors to the KSE-100 index included the cement sector with 105.21 points, fertiliser with 76.35 points, oil and gas marketing companies with 61.68 points, automobile assembly companies with 59.78 points, and oil and gas exploration companies with 57.99 points.

Conversely, the index faced downward pressure from commercial banks with 122.54 points, leather and tanneries with 18.54 points, miscellaneous with 3.26 points, pharmaceuticals with 2.86 points, and textile composites with 2.75 points.

Key companies that bolstered the index included LUCK with 59.08 points, MTL with 48.32 points, HUBC with 42.2 points, EFERT with 36.63 points, and SNGP with 35.66 points.

On the flip side, companies that exerted a drag on the index included MCB with 67.68 points, UBL with 29.7 points, SRVI with 18.54 points, FFC with 18.46 points, and HBL with 14.24 points.

It’s worth noting that the KSE-100 has seen a remarkable gain of 24,974 points, or 60.25 per cent, during the fiscal year.

Additionally, the ongoing calendar year has witnessed a cumulative increase of 26,006 points, equivalent to 64.34 per cent in the KSE-100.

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