The Pakistan Stock Exchange (PSX) rallied to a new all-time high on Tuesday, surpassing its previous high of 69,619 seen on Monday.
After opening trade at 69,619 points, the benchmark KSE-100 index went up by 1.52 percent or 1,058 points at 10:40 AM to a new high of 70,677.
It closed at 70,314, up 1 percent or 694 points.
The KMI 30 index gained 1098 points settling at 117,982, while the KSE All share index increased by 344 points to close at 46,042.
CEO Topline Securities Mohammed Sohail said, “The benchmark KSE-100 Index has surged by an astounding 70% over the past nine months (equivalent to a 75% increase in US Dollar terms), marking a historic rally not witnessed in the PSX for the past two decades. Despite this rally, the average market price to earnings (PE) is nearly 4x half of the historical average of 8x”.
According to Topline Securities, this positivity can be attributed to the commitment reflected by Saudi Arabia to expedite the first wave of an investment package worth $5 billion. the agreement includes increasing Saudi deposits in the Central Bank of Pakistan from $3 billion to $5 billion and injecting investment in oil refineries (Pakistan oil and gas companies joint venture with Saudi Amarco) and copper mines.
Top Volumes
The highest participation was witnessed in Worldcall Telecom Limited (PSX: WTL) with over 34.3 million shares traded, followed by Pakistan International Bulk Terminal Limited (PSX: PIBTL) and Pakistan International Airlines Corp (PSX: PIAA). The scrips had 27.8 million shares and 19 million shares traded, respectively.
| SCRIP | PRICE | HIGH | LOW | CHANGE | VOLUME |
|---|---|---|---|---|---|
| WTL | 1.31 | 1.38 | 1.3 | -0.07 | 34,372,807 |
| PIBTL | 6.2 | 6.31 | 6.01 | 0.19 | 27,819,000 |
| PIAA | 26.46 | 27.3 | 25.5 | 0.5 | 19,039,000 |
| FFL | 9.58 | 9.74 | 9.33 | 0.26 | 13,017,765 |
| AGL | 22.92 | 23.7 | 22.11 | 0.4 | 12,730,915 |
| FCCL | 19.1 | 19.19 | 18.24 | 0.68 | 12,591,500 |
| PTC | 16.77 | 17.2 | 16.42 | -0.3 | 11,252,126 |
