PSX crosses 52,000 barrier after 400-point rally

Published November 1, 2023
The KSE-100 index as of 11:22am.—PSX
The KSE-100 index as of 11:22am.—PSX

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index crossed the 52,000 barrier on Wednesday, after gaining more than 400 points.

The index gained 422.36 points, or 0.81pc, to close at 52,342.63 points from the previous 51,920.27.

Yesterday, share prices had risen on the maintenance of the monetary policy status quo announced on Monday. The State Bank of Pakistan (SBP) sustained its policy rate of 22 per cent to contain inflation which was at par with most analysts’ expectations.

Raza Jafri, head of Intermarket Securities, stated laser-sharp focus on the economy, prospects of monetary easing going forward, and optimism about successfully navigating the upcoming International Monetary Fund (IMF) review to be supporting factors of the rally.

“The KSE-100 had a very strong October (plus 15pc in USD) and looks good to extend its rally,” he said.

However, he added, “Despite the rally, valuations are still 50pc lower than the long-term mean.”

Ali Malik, chief executive of brokerage firm First National Equities, attributed the bullish market to improving economic condition, in addition to expectations of elections happening by the end of January.

He added, “Earnings of companies have been good this time.”

He cautioned that although the index may have increased, market volume was still low.

Major activity was reported in stocks such Cnergyico PK Limited, Worldcall Telecom Limited, Pakistan Refinery Limited, Ghani Global Holdings Limited and Pak Elektron Limited.

The top advancers included Ghazi Fabrics International Limited, Premier Insurance Limited, First Paramount Modaraba, The Universal Insurance Company Limited and Dandot Cement Company Limited.

The top decliners included Reliance Insurance Company Limited, S.G. Power Limited, First Al-Noor Modaraba, Khyber Tobacco Company Limited and J.K. Spinning Mills Limited.

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