After multiple attempts in the past week to breach the 50,000-point mark, the Pakistan Stock Exchange (PSX) benchmark index, KSE-100, has, for the first time in six years, successfully achieved this milestone today.
The buying frenzy intensified during the early hours of trade today as investors continued to bank on more cash entering the stock market.
After opening trade at 49,731 points, the benchmark KSE-100 index went up by 286 points to 50,017 points after witnessing a 0.58 percent jump. The top bourse retained the level in support from last week’s bulls which saw the index attain its best level since June 2017.
KSE100 crossed 50k level, six year high level
KSE-100 index went up by 286 points (50,017 pts, +0.58%, on intraday basis) DoD ; the 50k level crossed after ~ six years (last seen on June 07, 2017).@Pakstockexgltd#KSE100 #PSX #Equities #Pakistan pic.twitter.com/ZqUbvptRZ2
— Arif Habib Limited (@ArifHabibLtd) October 17, 2023
Economic Analyst A H H Soomro told ProPakistani, “Though it appears a six-year high, it can merely be the beginning of a multi-year super rally if Pakistan gets its act right. Focusing on debt sustainability, growing tax and export base, attracting FDI and political science stability can offer returns twice as high as fixed-income returns. This requires a lot of hard work but the reward is worth it. On valuation, the index is nearly 4x p/e with double-digit dividend yields and abnormal earnings growth. Don’t book your losses and go!”
At 11:50 AM, the market was at the 49,910 level, up by 179 points.
The top contributors to the volume chart were K-Electric Limited, Maple Leaf Cement Factory Limited, and Ghani Global Holdings Limited. The scrips had 34.7 million shares, 15.4 million shares, and 10.3 million shares traded, respectively.
Top Volumes
| SCRIP | PRICE | HIGH | LOW | CHANGE | VOLUME |
|---|---|---|---|---|---|
| KEL | 3.14 | 3.27 | 3.0 | -0.01 | 34,756,987 |
| MLCF | 35.65 | 36.01 | 34.25 | 0.94 | 15,413,315 |
| GGL | 10.66 | 10.8 | 10.3 | 0.45 | 10,388,801 |
| FCCL | 12.75 | 13.0 | 12.4 | 0.17 | 6,610,000 |
| DGKC | 51.3 | 52.15 | 49.95 | 0.73 | 5,191,368 |
| TPLP | 12.5 | 12.69 | 12.28 | 0.14 | 4,509,321 |
| UNITY | 27.0 | 27.35 | 26.5 | 0.2 | 4,261,417 |
This is an intraday market update.
Mashallah vvv good ❤️