KARACHI: After posting minor losses overnight, the Pakistan Stock Exchange (PSX) resumed its record-setting spree on the first day of the new year on aggressive value-hunting as investor confidence further boosted as the government unveiled an ambitious five-year economic roadmap, propelling the benchmark KSE 100 index to an all-time high above 117,000 on Wednesday.
Topline Securities Ltd said the index scaled a new peak of 117,008, reflecting a notable gain of 1,881 points, or 1.63pc day-on-day. The market maintained an upward trajectory, supported by vigorous buying activity from local institutions.
Key contributors to the index’s rise included Fauji Fertiliser, Lucky Cement, Hub Power, Habib Metro Bank, and Millat Tractors Ltd, which together added 936 points.
Ahsan Mehanti of Arif Habib Corporation said the equities market tends to be higher in the earnings season as investors anticipate another cut in the State Bank of Policy’s policy rate amid thin inflation, surging exports, external account surplus and higher global crude oil prices played a catalyst role in bullish close at PSX.
However, the trading volume decreased 22.68pc to 956.27 million shares while the traded value rose 5.02pc to Rs46.44bn day-on-day.
Stocks contributing significantly to the traded volume included Cnergyico PK (71.99m shares), Pakistan International Bulk Terminal (62.83m shares), The Bank of Punjab (45.41m shares), Pace Pakistan (41.27m shares) and Aisha Steel(33.73m shares).
The shares registering the most significant increases in their share prices in absolute terms were Hallmark Company (Rs91.47), Lucky Cement (Rs87.17), PIA Holding Co [B] (Rs77.06), Hinopak Motors (Rs43.46) and Pakistan Engineering Company Ltd (Rs39.94).
The companies registering significant decreases in their share prices in absolute terms were Hoechst Pakistan (Rs79.76), Pakistan Tobacco (Rs54.76), Mehmood Textile (Rs50.50), Bata Pakistan (Rs40.72) and Shahmurad Sugar (Rs39.95).
Published in Dawn, January 2nd, 2025
