PSX swings into record territory despite early slump

KARACHI: The Pakistan Stock Exchange (PSX) on Tuesday witnessed a rollercoaster session marked by sharp swings before settling in positive territory. The benchmark KSE-100 index opened strongly, surging 763.25 points to 156,850.55 with volumes at 30.99 million shares.

However, within the first hour of trade, the market faced a sudden jolt, dropping 1,043.05 points to 155,044.25 at 9:56 AM as activity picked up to 95.86 million shares.

Record high touched before midday

The setback was short-lived as investor sentiment quickly turned around. By 10:26 AM, the index had not only recovered but also posted robust gains, climbing 1,001.5 points to hit 157,088, a level never reached in PSX history. This all-time high came on the back of strong buying interest, with volumes crossing 164.1 million shares.

As of 2:49 PM, the index stood at 156,546.79, showing an intraday gain of 459.49 points or 0.29 percent. The PSX traded within a day’s range of 155,044.25 and 157,088.80, with the latter marking the highest level ever recorded by the market.

On a yearly basis, the index has gained a staggering 99.13 percent, while the year-to-date change stands at 35.98 percent. Over the past 52 weeks, the PSX has nearly doubled, moving from a low of 78,545.69 to today’s peak of 157,088.81.

Gainers and losers

Market movers reflected a mix of strong advances and sharp declines. Leading the charge among top gainers were SSML, UVIC, MWMP, SMCPL, and BNL, all of which closed around 10 percent higher. Other notable performers included HUSI, SHCM, SINDM, CFL, and DMC, each securing similar gains. On the flip side, ICIBL suffered the steepest fall of 11.14 percent, followed by JUBS, FSWL, FCEL, and PMRS, which all slipped close to 10 percent.

Among KSE-100 index heavyweights, the performance was divided. In the green, LOTCHEM rose 4.26 percent, ENGROH climbed 3.32 percent, and NBP added 3.03 percent. MEBL, KEL, EFERT, SEARL, DGKC, and HBL also finished with healthy gains. Meanwhile, losses came from stocks like NATF, which dropped 8.08 percent, JVDC down 7.50 percent, and MUGHAL slipping 2.06 percent. Other laggards included UNITY, LCI, PAEL, SNGP, and PSO.

Investor confidence remains strong

The market’s upbeat tone comes after Monday’s strong performance, when the KSE-100 index closed at 156,087.30, up 1,810.11 points or 1.17 percent. That rally had prompted Prime Minister Shehbaz Sharif to praise the PSX crossing the historic 156,000 mark, calling it a reflection of investor confidence in government policies and international trust in Pakistan’s economy.

Today’s session, while volatile, extended the momentum, underlining strong investor interest and confidence in the market. Analysts believe that the surge towards fresh records shows the depth of liquidity and the appetite for equities as Pakistan’s economy shows signs of stabilisation.

Whether the index can sustain above the 157,000 mark remains to be seen, but the PSX has already set a new record in its history with today’s high.