4,000-point jump lifts Pakistan Stock Exchange to historic highs
The share prices at Pakistan Stock Exchange (PSX) soared to fresh records on Monday as bullish momentum was persisted on the first trading day of the new business week amid rising investor confidence, reported 24NewsHD TV channel.
During the trading, the PSX’s benchmark KSE-100 index recorded an increase of 4,253.08 points to rise to an all-time high of 183,288.01 points, reflecting a change of 2.32 percent. However, by the close of business profit-taking eroded some of the gains with index stood at 182,408.23 points, up by 3,373.30 points or 1.85 percent.
Out of 565 companies traded, share prices of 256 recorded gains, 197 declined, while 112 remained unchanged.
The stock market has shown exceptional performance, outpacing 15 other countries in both returns and market expansion. Investor participation in the PSX has reached record levels, with the number of stock market investors hitting an all-time high also.
Reports indicated that investors in Pakistan’s stock market saw returns surpassing 50%, placing PSX ahead of markets in India, Sri Lanka, the UAE, and China in terms of both growth and profitability.
The PSX’s performance has even exceeded the growth of Morgan Stanley Capital International indices, while markets in Hong Kong, Japan, Singapore, and Turkey could not match its impressive rise.
As a result, Pakistan now holds the second position among 15 countries in stock market performance. Additionally, the PSX experienced a 30% surge in new investors, marking a historic milestone. In Karachi alone, over 160,000 new investors have joined the market.
The total number of investors in the PSX has surpassed 464,000 for the first time.
Earlier on Friday, the benchmark KSE-100 Index had closed bullish, gaining 2,679.44 points, a positive change of 1.52 percent, to settle at an all-time high of 179,034.93 points .
The market witnessed a trading volume of 1,113.099 million shares with a traded value of Rs64.340 billion. Market capitalization increased to Rs20.213 trillion from Rs 19.968 trillion a day earlier.
Bank of Punjab topped the volume chart with 102.546 million shares, followed by K-Electric Limited with 100.905 million shares and Media Times Limited with 43.632 million shares.
The top gainers included PIA Holding Company LimitedB, which rose by Rs2,149.46 to close at Rs23,644.10, and Unilever Pakistan Foods Limited, which increased by Rs149.94 to settle at Rs28,999.99.
On the losing side, Rafhan Maize Products Company Limited declined by Rs80.86 to close at Rs10,013.47, while Sunrays Textile Mills Limited fell by Rs14.53 to close at Rs 143.71.
Reporter: Ahsan Abbasi