KARACHI: Economic optimism supported by a second straight monthly current account surplus and surging foreign direct investment (FDI) kept investors picking shares at attractive levels, catapulting the benchmark KSE 100 index to a record high closing ever.

Ahsan Mehanti of Arif Habib Corporation said stocks closed at an all-time high in the earnings season amid upbeat data as the country posted a $119m current account surplus in September and a 48.2pc surge in FDI to $771m in 1QFY25.

He said rising global crude oil prices, the government interest payment waivers on terminated IPPs, and easing political noise contributed to the bull run.

Topline Securities Ltd said the index experienced a robust bullish momentum driven by institutional buying and better-than-expected corporate earnings.

System Ltd from the technology sector surged 7.41pc after announcing its 3Q2024 results, reporting an EPS of Rs7.51, surpassing expectations.

K-Electric led the market in trading volume with a notable 224 million shares traded, reflecting a significant 13.16pc incr­ease. This was fuelled by material news, as Nepra approved the generation tariff for all its power plants after June 2023.

The major contributors to the index’s rise were System Ltd, Lucky Cem­ent, Hub Power, Attock Refinery, and KE, which collectively added 380 points.

As a result, the index surged hit an intraday record high at 86,846.04, a gain of 788.52 points. How­e­ver, it closed at its highest-ever level at 86,057.52 after adding 409.06 points or 0.48pc day-on-day.

Market participation surged 52.06pc to 722.20 million shares, while the traded value rose 27.28pc to Rs25.02bn day-on-day.

Stocks contributing significantly to the traded volume included K-Electric (224­.20m shares), Wor­ldCall Telecom (30.20m shares), Fauji Foods (26.10m shares), Kohinoor Spinning Mills (21.75m shares) and Pakistan Intern­ational Bulk Term­inal Ltd (16.37m shares).

The shares registering the most significant incr­eases in their prices in absolute terms were Unilever Foods (Rs426.19), Siem­ens Pakistan (Rs8­4.15), Khyber Textile (Rs45.02), Atlas Honda (Rs38.58) and Attock Refinery (Rs35.18).

The companies that suffered significant losses in their share prices in absolute terms were Pakistan Tobacco Company Ltd (Rs71.69), Rafhan Maize Products Company (Rs71­.20), Sapphire Fibres (Rs28­.23), Pakistan Engin­eering Company (Rs24­.98) and Macter International Company (Rsl9.82).

Mutual funds and banks picked shares worth $3.74m and $1.05m, respectively. However, foreigners remained net sellers, selling shares worth $1.60m.

Published in Dawn, October 23th, 2024

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Going dry
Updated 07 Apr, 2025

Going dry

Authorities should refrain from undertaking any water scheme that infringes on rights of any federating unit to avoid more controversies.
Afghan return
07 Apr, 2025

Afghan return

AS expected, the government of Pakistan is moving ahead with its plan to forcibly repatriate Afghan Citizenship Card...
Hurting women
07 Apr, 2025

Hurting women

MONTH after month, the figures of crimes against women in the country indicate that our society is close to...
Not cricket
Updated 06 Apr, 2025

Not cricket

It is high time that the PCB sets things right; even if it demands a complete overhaul of the system.
Balochistan deadlock
Updated 06 Apr, 2025

Balochistan deadlock

Akhtar Mengal’s demands to release women activists should seriously be considered.
Escalating brutality
Updated 06 Apr, 2025

Escalating brutality

The world’s patience is running out. Israel must be held accountable under international law for war crimes.