PSX breaks all records, closes at above 58000 mark

KSE-100 index gains 827 points in a single day today

KARACHI: The Pakistan Stock Exchange (PSX) has broken all its previous records to make another new history of Pakistan Stocks on Wednesday.

The KSE-100 index touches 58,405 points during the intraday trading, up by 1034 or 1.6 per cent from the previous (Friday) close of 57,371 points.

Analysts of the Topline Brokerage House said, “Pakistan’s market capitalization to GDP is near all time low of 9% which is almost half of last 10 year average and far lower than regional countries. Thus having lot of potential to grow.”

Mohammad Sohail, head of the Topline Securities, in its tweet said, “New day, new high. Index crosses 58000. But prices still low from market cap of USD20 billion to now close to USD30 billion.. One of the fastest but not unexpected recovery at Pakistan Stock Exchange.  50 per cent return in UD dollars in 6 months after 6 bad years.”

He said that this recovery has just started. Market PE 3-4 times still at an unbelievable low levels.”

Economy expert said that the market was extending gains as the International Monetary Fund (IMF) concluded technical talks without any issue,  while there is being hoped the State Bank will cut the interest rates in the forthcoming monetary policy. 

“The IMF will soon approve 700 million of 2nd installment of IMF programme for the caretaker government,” the analyst added.

Analysts said the index soared to an “all-time high”. The KSE-100 index was nearing a new high, potentially encountering profit-taking, despite maintaining an overall bullish trend.

“The index could trigger a new rally aiming for levels between 59,000 and 60,000,” he added.

However, the analyst said prudent investors were advised to engage in cautious buying at the current levels and implement strict stop-loss measures.

The benchmark KSE-100 index gained 8000 or 5.3% in the current week till now , marking its eleven consecutive weekly rise.

Average daily traded volume increased by 2 per cent DoD to 654 million shares (highest since 1st Jul’21) while average daily traded value increased by 5 per cent DoD to 22.3 billion shares (highest since 30th November 2021.

(The KSE-100 index touches 58,405 points during the intraday trading, up by 1034 or 1.6 per cent from the previous (Friday) close of 57,371 points.)

About The Author