The Pakistan Stock Exchange (PSX) rallied to a new all-time high on Wednesday, surging past the previous record of 57,397.
After opening trade at 57,418 points, the benchmark KSE-100 index went up by 1.36 percent or 778 points at 12:40 PM to a new high of 58,150. At 12:45 PM, it clocked in at 58,217, up 1.47 percent or 845 points.
This is one of the fastest recoveries at PSX, with the market, previously $20 billion, now close to $30 billion, said CEO of Topline Securities Mohammed Sohail. “50% return in UD dollars in 6 months. After 6 bad years. And the good thing is… This recovery has just started. Market PE 3-4 times still at an unbelievable low levels,” he added.
New day, new high. Index 58000. But prices still low
From marketcap of USD20b to now close to USD30b
One of the fastest but not unexpected recovery at Pakistan Stock Exchange.
50% return in UD dollars in 6 months. After 6 bad years
And the good thing is… This recovery has…
— Mohammed Sohail (@sohailkarachi) November 22, 2023
The highest participation was witnessed in Worldcall Telecom Limited (PSX: WTL) with over 32.5 million shares traded, followed by Fauji Fertilizer Bin Qasim Limited (PSX: FFBL) and Fauji Foods Limited (PSX: FFL). The scrips had 15.3 million shares and 12.9 million shares traded, respectively.
| SCRIP | PRICE | HIGH | LOW | CHANGE | VOLUME |
|---|---|---|---|---|---|
| WTL | 1.68 | 1.75 | 1.63 | 0.01 | 32,598,202 |
| FFBL | 23.4 | 23.98 | 22.76 | 0.77 | 15,332,000 |
| FFL | 9.08 | 9.1 | 8.83 | 0.31 | 12,952,926 |
| ASC | 9.23 | 9.35 | 8.36 | 0.88 | 11,735,758 |
| KEL | 3.5 | 3.57 | 3.46 | -0.01 | 10,846,902 |
| TELE | 8.85 | 8.92 | 8.62 | 0.3 | 10,472,569 |
| SNGP | 63.49 | 64.15 | 60.31 | 3.23 | 10,170,469 |
This is an intraday market update.
