The Pakistan Stock Exchange (PSX) witnessed a momentous day as the benchmark index surged past the 63,000 mark for the first time. The KSE-100 index reached an intraday high of 64,038.83 points and eventually settled at 63,917.72 points, marking a significant gain of 1.53% from the previous day’s close.
Several key factors have contributed to the recent bullish trend in the equity market. These include strong profitability, attractive valuation, and anticipation of an interest rate cut scheduled to be announced on December 12.
Positive sentiment has been bolstered by expectations of improved economic conditions following progress in financial support negotiations with the International Monetary Fund (IMF) and other friendly countries. Improved key economic indicators, such as trade deficit, remittances, exports, and a stable local currency, have also contributed to investor confidence.
Market Dynamics and Top Performers
The positive market sentiment is further supported by potential financial inflows from the IMF and friendly countries and speculation about a possible reduction in interest rates. Trading volumes soared to 1.18 billion shares, significantly higher than the previous session’s 761.8 million.
The total value of shares traded was Rs45.7 billion. Among the traded companies, 258 stocks closed higher, 117 fell, and 8 remained unchanged. K-Electric Limited led in volume with 143.6 million shares traded, followed by Worldcall Telecom Limited and Hascol Petroleum Limited, all closing with gains.