Karachi Stock Exchange hits record high amid brisk buying

History was made again at the Pakistan Stock Exchange (PSX) on Thursday as the share prices drove the index to all-time high amid brisk buying as the investors apparently disregarding the ongoing flooding in Punjab and the looming super flood in Sindh, reported 24NewsHD TV channel.

As the trading started, the PSX’s benchmark KSE-100 Index surged by 1,091.29 points or 0.71 percent running over the 153,000 barrier and lifting it to 153,293.16 points. But later the profit-taking set in and by the close of business the gains were reduced significantly. 

At the end of the day, the index was up by 463.85 points or 0.30 percent to 152,665.72 points.

Of the total 480 companies traded today, share prices of 208 companies were up and of 240 companies were down while 32 remained unchanged.

Buying was observed in key sectors including cement, commercial banks, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks, including ARL, MARI, POL, PPL, PSO, SGNPL, HBL, MCB, MEBL and NBP traded in the green.

Analysts opined that strong corporate earnings, coupled with increased sales in the fertiliser, oil, and cement sectors during August, along with signs of improving economic indicators, helped offset worries related to flooding and heavier-than-usual rainfall.

Experts said the bullish run was due to a combination of upbeat economic indicators. These included a rise in foreign exchange reserves, lower consumer inflation at 3pc year-on-year, a 7pc year-on-year increase in oil sales for August, and anticipated government spending on post-flood reconstruction.

On Wednesday, thePSX had extended its record-breaking run as the index surged by 1,226.39 points or 0.81% to settle at 152,201.88.

A big boost to the index came from the power generation and distribution sector, which added 411 points. However, a few sectors saw minor pullbacks. which included glass and ceramics, engineering, sugar and allied industries and cable & electrical goods.

A total of 1,043,232,122 shares worth Rs 51.308 billion were traded during the day.

The three top trading companies were Pace (Pak) Limited with 89,287,134 shares at Rs 6.95 per share, Fauji Foods Limited with 73,360,809 shares at Rs18.15 per share and Bank of Punjab with 51,572,354 shares at Rs17.37 per share.

Reporter Kavish Memon