PSX Bulls Propel KSE-100 Index Past 130,000 Points Milestone

The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) gained over 2,000 points on Wednesday to close at an all-time high of over 130,000 points. Continuing its bullish momentum, the index surged by 2,144 points to close at 130,344 points, an impressive gain of 1.67 percent from the previous close of 128,199. A total of 1,026,117,776 shares were traded during the day as compared to 1,032,756,027 shares the previous trading day, whereas the price of shares stood at Rs. 49.294 billion against Rs. 44.008 billion on the last trading day. As many as 473 companies transacted their shares in the stock market, 256 of them recorded gains and 192 sustained losses, whereas the share price of 25 companies remained unchanged. “Fueled by aggressive institutional buying and a wave of fresh fiscal-year optimism, the rally showed no signs of cooling. With fixed-income yields offering little excitement, investors are rotating into equities in search of alpha, giving the market a powerful tailwind,” Brokerage house Topline Securities said in a note. It pointed out that banks led the charge, with blue-chip names like UBL, MCB, BAHL, MEBL, HBL, and NBP flexing their muscles, collectively pumping in 1,286 points into the index and stealing the spotlight. Pharma made a comeback, turning heads after a while. SEARL hit its upper lock, while CPHL, HAELON, and ABOT also saw a healthy dose of investor appetite, it added. “With the index in uncharted territory, all eyes are now on earnings season and macro signals to see if the bulls have more steam left or if a breather is around the corner,” Topline said.