The Pakistan Stock Exchange (PSX) rallied to a new all-time high on Tuesday, surging past the previous record of 59,811 and breaching 60,000 points.
After opening trade, the benchmark KSE-100 index went up by 0.53 percent or 759 points at 9:50 AM to a new high of 60,126. At 10:06 AM, it clocked in at 60,311, up 0.84 percent or 500 points.
At 10:20 AM, the KSE-100 index surged by 1.37 percent or 822 points to hit 60,633 points.
It settled with a gain of 919 points closing at 60,730.
The index has gained roughly 50 percent in 2023 so far.
You just witnessed history!#KSE100 crossed the 60,000 mark for the first time ever. The index has gained around 50% during 2023.#pakistan #equities #stocks #economy pic.twitter.com/9PnTJlqGQT
— StockIntel (@stock_intel) November 28, 2023
The KMI 30 index dropped 1059 points settling at 101,249.8, while the KSE All share index inched up by 454 points to close at 40,401.
Commenting on the record, CEO Topline Securities Mohammed Sohail said, “Record but not surprising. Pakistan KSE 100 index gained 50% in only 5 months. From 40k to 60k. This is the fastest 50% rise in a few months after 2004. (But) When you have unbelievably low valuation (PE 3-4), such recovery is not at all surprising”.
Key index-heavy stocks that had also attracted foreign buying the previous day continued their upward momentum.
Notably, all major sectors except for Tech -2.6% closed higher. Financial +3.7% emerged as star performers, followed by Utilities +2.1%, Consumers +1.4% and Materials +1%.
On the leaderboard, the top three slots were dominated by key banking stocks, namely UBL +7.5%, MCB +5.3%, and HBL +5.3% – all of these names closed at their highest levels in many years. Index-heavy HUBC +2.8% and LUCK +4.3% also performed well and contributed to the gains.
Overall, the market experienced robust activity, with a total trading volume of 779 million shares, amounting to a value of Rs. 26.1 billion.
The highest participation was witnessed in Kohinoor Spinning Mills Limited (PSX: KOSM) with over 79.2 million shares traded, followed by Worldcall Telecom Limited (PSX: WTL) and The Bank of Punjab (PSX: BOP). The scrips had 57.4 million shares and 44.3 million shares traded, respectively.
| SCRIP | PRICE | HIGH | LOW | CHANGE | VOLUME |
|---|---|---|---|---|---|
| KOSM | 4.0 | 4.45 | 3.91 | 0.02 | 79,242,500 |
| WTL | 1.57 | 1.64 | 1.52 | 0.04 | 57,449,984 |
| BOP | 5.49 | 5.49 | 4.98 | 0.41 | 44,327,667 |
| CNERGY | 4.63 | 4.65 | 4.35 | 0.24 | 31,321,478 |
| TREETR2 | 3.48 | 3.97 | 3.16 | -0.24 | 27,240,170 |
| PRL | 25.53 | 25.61 | 24.82 | 0.45 | 23,647,647 |
| GCIL | 10.95 | 11.37 | 10.5 | 0.6 | 15,398,500 |
Globally, oil prices increased (17:20 PKT) on Tuesday. Brent crude was up by 1.05 percent or $0.84 to $80.82 per barrel while WTI crude increased by $0.81 or 1.08 percent to $75.67 per barrel.
