KSE-100 Index Hits New Record at PSX
The Pakistan Stock Exchange (PSX) continued its upward momentum on Wednesday, with the KSE-100 Index surpassing 87,000 points for the first time. The index closed at an all-time high of 87,194.53 points, marking a gain of 727.96 points or 0.84%.
During the day, the index touched a record intra-day high of 87,309.22 points, reflecting strong market activity and optimism.
Energy Stocks Drive the Market
The energy sector was a key driver of the rally. Stocks of major companies like HUBCO, K-Electric (KEL), Pakistan Petroleum Limited (PPL), Oil & Gas Development Company (OGDC), and Attock Refinery Limited (ATRL) showed significant gains, drawing investor interest.
What’s Fueling the Rally?
Market experts believe the rally is due to growing expectations of a central bank rate cut, driven by lower inflation forecasts. Mohammed Sohail, CEO of Topline Securities, explained, “The drop in yields in the secondary market, political stability, the successful Shanghai Cooperation Organisation (SCO) summit, and strong mutual fund investments are key reasons for this surge.”
Previous Day’s Gains
This record-breaking session comes after Tuesday’s strong performance when the KSE-100 Index closed at 86,466.58 points, a gain of 409.06 points or 0.48%. That rise was led by aggressive buying from local investors, supported by institutional interest.
Trading Volumes
Trading volume on the all-share index dipped slightly to 699.29 million shares from 722.21 million the previous day. However, the total value of traded shares increased to Rs26.82 billion from Rs25.02 billion.
K-Electric Ltd led the volume chart with 207.63 million shares, followed by WorldCall Telecom with 42.92 million shares and Pakistan International Bulk Terminal (PIBT) at 33.97 million shares.
Market Activity Overview
On Wednesday, 447 companies were traded, with 214 gaining, 173 declining, and 60 remaining unchanged. Meanwhile, the Pakistani rupee stayed steady against the US dollar, closing at 277.73, a minimal increase of Rs0.01.
