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The Pakistan Stock Exchange (PSX) continued its bullish trend today, with the KSE-100 index surpassing the 83,000-point mark during intra-day trading.
Market Performance: KSE-100 Index Crosses 83,000 Points
As of the latest update, the KSE-100 index stands at 83,060.06 points, marking an increase of 338.30 points (0.41%). The index reached an intraday high of 83,174.01 points and a low of 82,594.79 points, reflecting continued positive market sentiment. Trading volume currently stands at 70,430,301 shares, with a total value of Rs6.75 billion.
In the previous session, the market had closed at 82,721.76 points, and just a day earlier, the KSE-100 index surged by over 950 points, reaching a historic high of 82,974 points.
Key Drivers of the Bullish Momentum
The ongoing bullish momentum in the PSX is driven by significant buying interest across key sectors such as automobile, cement, commercial banks, fertiliser, and oil and gas exploration. Ahsan Mehanti, Managing Director of Arif Habib Corp, attributed the surge to a combination of factors, including:
- Decline in treasury bond yields
- Increase in foreign exchange reserves
- 14.11% year-on-year rise in exports for July-September 2024
Additionally, the rise in global crude oil prices, institutional interest ahead of the earnings season, and stability in the rupee further supported the upward trend.
Sector-Wise Performance
The fertiliser sector played a pivotal role in driving the index to new heights, as highlighted by Arif Habib Limited (AHL). Key contributions came from:
- Fauji Fertiliser Company: +8.22%
- Engro Fertilisers: +1.78%
- Pakistan Petroleum Limited: +2.36%
The strong performance in the fertiliser sector was driven by improved urea sales in September, with Fauji Fertiliser Company reaching a record high, closing at +8.1%. According to AHL, the KSE-100 index’s year-to-date return stood at 34% in US dollar terms, with mutual funds investing $17 million over the week.
Trading Volumes and Investor Activity
Although overall trading volumes fell slightly to 319.9 million shares, compared to the previous day’s 360.99 million, the value of traded shares reached Rs16.4 billion. Out of 448 companies traded, 207 closed higher, 185 declined, and 56 remained unchanged.
WorldCall Telecom led in volume with 23.2 million shares, followed by Fauji Cement with 21.6 million shares and Fauji Fertiliser Bin Qasim with 15.3 million shares.
Foreign investors sold shares worth Rs865.9 million during the day, according to data from NCCPL.
