The Pakistan Stock Exchange (PSX) experienced a bullish trading session, with the benchmark KSE-100 reaching a 52-week high index of 45,160 on Tuesday. This significant surge can be attributed to the $2 billion cash disbursal by the Kingdom of Saudi Arabia in the State Bank of Pakistan. Another contributing factor was Fitch Ratings’ upgrade of Pakistan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) from ‘CCC-‘ to ‘CCC’ on Monday.
Impressive Gains and Records
During the trading session, the KSE 100 index soared by 665.36 points and reached a day’s high of 45,250.49, ultimately closing at 45,155.80 with a gain of 570.67 points. The KMI 30 index also performed well, accumulating 857.90 points and settling at 76,762.78. Additionally, the KSE All-share index surged by 390.08 points, concluding the day at 30,211.25. This fresh record matches the level observed on April 28, 2022, making it the best-performing market worldwide this month.
Positive Sentiments and Future Outlook
The market opened at 44,691.46 points, showcasing bullish sentiments that propelled the benchmark KSE-100 index to gain 574 points or approximately 1.5 percent, reaching a high of 45,160 points after 1 PM. Further during intraday trading, the market witnessed a surge of nearly 510 points, with the index rising to 45,140 points at 12:50 PM. By 13:45, the market reached the 45,062 level, up by 478 points. Anticipated inflows resulting from the IMF Executive Board’s approval in the upcoming agenda meeting are expected to drive the PSX even higher. This shared confidence among market players and investors is likely to positively impact the exchange rate as well.
Market Statistics and Top Performers
Market volumes experienced an increase from 439.14 million shares in the previous session to 548.96 million shares. The total traded value also rose from Rs. 12.08 billion on Monday to Rs. 15.42 billion on Tuesday. Notably, Worldcall Telecom Limited (WTL) observed the highest participation with 35.07 million shares traded, followed by Pakistan Refinery Limited (PRL) and Fauji Foods Limited (FFL) with 31.40 million shares and 23.19 million shares traded, respectively.
| SCRIP | PRICE | HIGH | LOW | CHANGE | VOLUME |
|---|---|---|---|---|---|
| WTL | 1.27 | 1.28 | 1.25 | 35,089,048 | |
| PRL | 16.85 | 17.44 | 16.1 | 0.67 | 31,421,276 |
| FFL | 6.76 | 6.85 | 6.27 | 0.41 | 23,204,209 |
| TPLP | 14.05 | 14.54 | 13.96 | 0.03 | 21,785,003 |
| CNERGY | 3.25 | 3.33 | 3.14 | 0.1 | 21,648,908 |
| ASL | 6.35 | 6.55 | 5.94 | 0.43 | 20,736,365 |
| FCCL | 13.14 | 13.14 | 12.7 | 0.51 | 20,590,500 |
Key Sectors and Companies Driving the Index
Various sectors contributed to the upliftment of the benchmark KSE 100 index. Noteworthy among them were the Banking sector (194.57 points), the Cement sector (93.76 points), and the Oil and Gas Exploration sector (81.66 points). On an individual company level, Meezan Bank Limited (MEBL) led with 67.49 points, followed by Bank Al Habib Limited (BAHL) with 55.65 points, and Pakistan Petroleum Limited (PPL) with 37.78 points.
Positive Global Market Trends
In addition to the PSX’s impressive performance, equity markets worldwide exhibited a positive trend. At 16:00, crude oil prices demonstrated an upward trajectory, with WTI crude oil price rising by 0.48 percent to $73.34 and Brent crude oil price increasing by 0.42 percent to $78.02.
