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Reading: KSE-100 Index Skyrockets, Gaining 619 Points to Reach Record 93,140
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KSE-100 bullish run 2025
PhotoNews Pakistan > Business > KSE-100 Index Skyrockets, Gaining 619 Points to Reach Record 93,140
Business

KSE-100 Index Skyrockets, Gaining 619 Points to Reach Record 93,140

Web Desk
By Web Desk Published November 8, 2024 2 Min Read
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Pakistan Stock Exchange (PSX). Photo Credits: Business Recorder
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The Pakistan Stock Exchange (PSX) ended the week on an upbeat note, with the KSE-100 index climbing 619 points to a record high of 93,140.26 during Friday’s intra-day trading.

The index started strong, reaching a peak of 93,141.70 and dipping to a low of 92,566.49 before closing. Trading volume stood at 146,122,445 shares, with transactions totalling approximately PKR 8.53 billion.

For the first time in history, the Pakistan Stock Exchange (PSX) surged past the 93,000-point milestone, as the KSE-100 index rose by 480 points, reaching a record high of 93,001 points. The landmark achievement occurred on the last business day of the week, setting a new record… pic.twitter.com/GpWmwDjSW4

— The Blue Truth (@thebluetruth_) November 8, 2024

Market momentum continued from Thursday’s significant gain of nearly 500 points, spurred by investor anticipation of a credit rating upgrade and new Saudi investments post the prime minister’s visit. Additionally, a decrease in Sukuk yield and the inclusion of Pakistani companies in the MSCI Frontier Markets Small Cap Index attracted global investment and boosted foreign fund inflows.

Attention now turns to the upcoming International Monetary Fund (IMF) review mission, which will evaluate Pakistan’s compliance with the $7 billion Extended Fund Facility next week.

Market optimism was high following the finance minister’s assurance of macroeconomic stability, leading to a new all-time high for stocks.

The KSE-100 Index surged to a record high of 93,000, buoyed by broad market gains and a 23.91% rise in workers' remittances, showcasing strong macroeconomic sentiment. https://t.co/UPiPK6x8Cb

— Investify Pakistan (@investifypk) November 8, 2024

Arif Habib Limited noted that the KSE-100 had gained 1.8% week-on-week by the last session, with significant contributions from Dawood Hercules Corporation (+7.58%), OGDC (+2.62%), and Engro Corporation (+2.92%). Conversely, Systems Limited, Habib Bank Limited, and MCB Bank posted the largest losses.

Mubashir Anis Naviwala, an analyst at JS Global, highlighted that positive economic signs and rupee stability boosted investor confidence, driving strong trading activity across sectors like fertiliser, oil and gas exploration, and power generation.

The day ended with 257 stocks advancing, 145 declining, and 47 unchanged. The Bank of Punjab led in volume, trading 62.9 million shares, followed by Kohinoor Spinning Mills and K-Electric.

Foreign investors also showed interest, buying shares worth Rs30.98 million and indicating sustained foreign engagement in Pakistan’s market.

TAGGED:FeaturedPakistan Stock Exchange
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