KSE-100 Surges to All-Time High After Over 6 Years

The Pakistan Stock Exchange’s (PSX) benchmark index KSE-100 soared to an all-time high on Friday, surging past the previous record of 52,800 after 6.5 years. After opening trade at 52,656.76 points, the benchmark KSE-100 index went up by 0.5 percent or 261 points at 9:40 AM to a new high of 52,917. Notably, the last time KSE-100 crossed 53,000 was 24 May 2017 but closed at 52,876. If today the index closes above 53k, it will be an all-time high closing for the benchmark index. In real terms, however, the index is at about one-third of the value of its last peak in 2017. At 10:40 AM, the benchmark index went up 408 points to 53,064 points after witnessing a 0.8 percent jump. “After a long period of 6.5 years, the Pakistan benchmark stock index is at an all-time high. Don’t forget this is Index (total return) with dividends and bonuses. Valuations are still low at 4 times earnings as against PE of 12 in 2017,” CEO Topline Securites Mohammed Sohail said in a tweet. Reduction in economic and political uncertainties can take this market to new high, he added. At the time of filing, sectors painting the benchmark KSE 100 index in green included TPL Properties Limited (PSX: TPLP), Kohinoor Spinning Mills Limited (PSX: KOSM), Pakistan Refinery Limited (PSX: PRL), and Al Shaheer Corporation Limited (PSX: ASC). This is an intraday market update.