PSX Hits 80,000 Points For the First Time in History

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index surged by over 1,200 points on Friday to cross 80,000 for the first time in history. Closing at 78,801 after gaining over 2,000 points a day earlier, the KSE-100 index surged by 1,259 points or 1.59 percent to 80,059 at 9:45 AM today. An encouraging buying spree in the first hour of trade helped the index enter the 80,000 territory. At the time of filing, the KSE-100 index stood at 79,353, up 552 points or 0.7 percent at 10:15 AM. Expectations from the budget FY225 paving the way for the larger and longer IMF Program have improved local and foreign portfolio investors’ confidence, CEO of Alpha Beta Core Securities, Khurram Schehzad told ProPakistani. However, valuations are still not even halfway through to the levels we had seen in 2017/18 i.e. $100 billion back then. In rupee terms, PSX is at Rs. 10.4 trillion value today, while back then in 2017/18, it was at Rs. 10.5 trillion, but the right way of looking at is not in rupee terms, its not correct in real terms given massive currency deval (causing massive inflation in the last 6 years). So a dollar to dollar comparison gives real change in value as with all global markets. The highest participation was witnessed in Hum Network Limited (PSX: HUMNL) with over 8.2 million shares traded, followed by Silkbank Limited (PSX: SILK) and Habib Bank Limited (PSX: HBL). The scrips had 6.9 million shares and 5.9 million shares traded, respectively. This is an intraday market update.