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Pakistani stock market breaks record for the 60th time under PM Shehbaz Sharif, crossing the 100,00 level for the first time.

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Historic high: KSE-100 crosses 100,000 as investors turn back focus on economy
  • Buying spree towards end of session ensures benchmark settles above 100k for the first time in history
BR Web Desk
Published November 28, 2024


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The Pakistan Stock Exchange (PSX) made history on Thursday, as the benchmark KSE-100 Index settled above the 100,000 level for the first time, continuing a remarkable turnaround after it had plunged earlier in the week due to violent protests in Islamabad.

Bulls continued from where they left off in the previous session, pulling the index beyond the 100k level.

The day began with a 1% gain, driven by buying across the board as the index completed the journey that has seen it rise from around 40,000 in June 2023.

However, profit-taking began soon after as the index retreated to the 99,600 level by 11:20am, but remained in the green zone.

Buying momentum picked up pace in the latter half of the trading session, and the benchmark index again breached the 100,000 level by 2:20pm.

At close, the KSE-100 settled at 100,082.77, an increase of 813.52 points or 0.82%.

“This remarkable performance reflects a 60% increase CY24TD and a staggering 141% rise since June 2023,” said Arif Habib Limited (AHL) in a note.

A combination of exchange rate stability, a transition from one $3-billion Stand-By Arrangement to another longer facility with the International Monetary Fund (IMF), improvement in index-heavy sector’s earnings, and a general mood for stocks after monetary easing have been just a few factors behind the KSE-100’s phenomenal rise.

“Faster than expected fall in inflation and interest rates adding cash liquidity to the stock market,” said Mohammed Sohail, CEO of brokerage house Topline Securities, in a note.
“Despite the rally, Pakistan still trades at PE of 5x compared to the historical average of 7x.”
However, many also question if the rally has room to continue.

“The positive momentum at the KSE-100 is expected to continue, with a 4-5% increase anticipated by the end of 2024, reaching the 104,000-105,000 level,” Samiullah Tariq, Head of Research and Development at Pakistan Kuwait Investment Company (Private) Limited, told Business Recorder.

“A decline in interest rate has lowered return on other assets. A significant portion of liquidity had been tied up in mutual funds, which has now started to shift towards equities for higher returns.”

On Wednesday, the PSX rebounded emphatically with the benchmark index gaining nearly 4,700 points, its largest ever single-day point increase on record, to settle above the 99,000 level for the first time.

Globally, Asian shares were subdued on Thursday and the dollar was on the defensive after US data showed progress in slowing inflation had stalled even as the economy remained resilient, raising doubt over the path the Federal Reserve could take next year.

With the US Thanksgiving holiday likely to keep trading thin for the rest of the week, traders remained hesitant in placing major bets.

MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.07% lower, with Japan’s Nikkei up 0.46%.

Meanwhile, the Pakistani rupee registered a marginal decline against the US dollar, depreciating 0.03% in the inter-bank market on Thursday. At close, the currency settled at 278.04, a loss of Re0.08 against the greenback.
Volume on the all-share index increased to 1,164.79 million from 1,057.10 million on Wednesday.

The value of shares rose to Rs39.78 billion from Rs39.56 billion in the previous session.

B.O.Punjab was the volume leader with 179.22 million shares, followed by K-Electric Ltd with 64.87 million shares, and Bank Makramah with 60.30 million shares.

Shares of 452 companies were traded on Thursday, of which 290 registered an increase, 118 recorded a fall, while 44 remained unchanged.

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Record Breaking Timeline

Record Number
Date
Points
Comments
01​
27/03/2024​
66,547.78​
New Record​
02​
28/03/2024​
67,142.12​
New Record​
03​
03/04/2024​
67,756.03​
New Record​
04​
04/04/2024​
68,416.78​
New Record​
05​
08/04/2024​
69,619.98​
New Record​
06​
09/04/2024​
70,314.72​
New Record​
07​
15/04/2024​
70,544.58​
New Record​
08​
19/04/2024​
70,909.90​
New Record​
09​
22/04/2024​
71,433.46​
New Record​
10​
24/04/2024​
72,051.89​
New Record​
11​
26/04/2024​
72,742.74​
New Record​
12​
06/05/2024​
72,764.24​
New Record​
13​
10/05/2024​
73,085.50​
New Record​
14​
13/05/2024​
73,799.11​
New Record​
15​
14/05/2024​
74,531.19​
New Record​
16​
15/05/2024​
74,663.98​
New Record​
17​
16/05/2024​
74,930.70​
New Record​
18​
17/05/2024​
75,342.35​
New Record​
19​
24/05/2024​
75,983.03​
New Record​
20​
13/06/2024​
76,208.16​
New Record​
21​
14/06/2024​
76,706.77​
New Record​
22​
20/06/2024​
78,801.53​
New Record​
23​
21/06/2024​
78,810.49​
New Record​
24​
01/07/2024​
78,824.33​
New Record​
25​
02/07/2024​
79,552.89​
New Record​
26​
03/07/2024​
80,233.67​
New Record​
27​
04/07/2024​
80,282.80​
New Record​
28​
08/07/2024​
80,566.21​
New Record​
29​
09/07/2024​
80,672.06​
New Record​
30​
15/07/2024​
81,155.60​
New Record​
31​
18/07/2024​
81,839.86​
New Record​
32​
20/09/2024​
82,074.45​
New Record​
33​
25/09/2024​
82,247.92​
New Record​
34​
03/10/2024​
82,721.76​
New Record​
35​
04/10/2024​
83,531.96​
New Record​
36​
07/10/2024​
84,910.29​
New Record​
37​
08/10/2024​
85,663.98​
New Record​
38​
09/10/2024​
85,669.28​
New Record​
39​
15/10/2024​
85,840.34​
New Record​
40​
16/10/2024​
86,205.66​
New Record​
41​
22/10/2024​
86,466.58​
New Record​
42​
23/10/2024​
87,194.53​
New Record​
43​
24/10/2024​
88,945.98​
New Record​
44​
25/10/2024​
89,993.97​
New Record​
45​
28/10/2024​
90,195.52​
New Record​
46​
29/10/2024​
90,864.09​
New Record​
47​
04/11/2024​
91,938.01​
New Record​
48​
05/11/2024​
92,304.32​
New Record​
49​
07/11/2024​
92,520.49​
New Record​
50​
08/11/2024​
93,291.68​
New Record​
51​
11/11/2024​
93,648.33​
New Record​
52​
14/11/2024​
94,191.89​
New Record​
53​
15/11/2024​
94,763.64​
New Record​
54​
18/11/2024​
94,995.67​
New Record​
55​
19/11/2024​
95,856.67​
New Record​
56​
21/11/2024​
97,328.40​
New Record​
57​
22/11/2024​
97,798.23​
New Record​
58​
25/11/2024​
98,079.78​
New Record​
59​
27/11/2024​
99,269.25​
New Record​
60​
28/11/2024​
100,082.77​
New Record​


 
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PM credits investor confidence in govt policies as KSE-100 hits 100,000

BR Web Desk
Published November 28, 2024


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Prime Minister Shehbaz Sharif on Thursday hailed the unprecedented performance of Pakistan’s stock market, as the benchmark KSE-100 Index crossed the coveted 100,000-point barrier.

In a statement, the premier credited the achievement to investor confidence in government policies and the efforts of the economic team to drive the national economy.

“The stock exchange crossing 100,000 points for the first time in history reflects the business community’s and investors’ trust in government policies,” PM Shehbaz was quoted as saying in a statement released by his office.

“The government’s economic team and officials working tirelessly to promote investment in the country deserve praise for achieving this milestone,” he added.

The Pakistan Stock Exchange (PSX) has witnessed a remarkable turnaround, with the benchmark KSE-100 Index registering a 150% return from 40,000 to 100,000 in just 17 months.

Experts say a combination of exchange rate stability, transition from one $3-billion Stand-By Arrangement to another longer facility with the International Monetary Fund (IMF), improvement in index-heavy sector’s earnings, and a general mood for stocks after monetary easing were just a few factors behind the KSE-100’s phenomenal rise.

Meanwhile, the prime minister, in his statement, pledged to take every possible measure to ensure Pakistan’s economic stability and progress.

He also noted that “the enemies of the country’s stability and progress are making malicious and futile attempts to derail the nation once again”.

The prime minister also reiterated his commitment to economic stability, highlighting recent achievements such as a decline in inflation and interest rate, which have dropped to 15% and record-high remittances.

“We will continue to work diligently for the country’s progress,” affirmed the PM, while vowing to thwart any attempts to undermine the country’s development.


PSX celebrates historic 100k milestone, KSE-100 delivers 142% return in 17 months

Press Release
Published November 28, 2024


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The KSE-100 Index crossed the 100,000-point mark on Thursday, delivering an impressive 142% return over the past 17 months.

The achievement reflects growing investor confidence, improved fiscal and monetary policies, and an increasingly conducive economic environment.

As the market closed on Thursday, the benchmark index climbed by 813.52 points, reaching 100,082.77 points, up from its previous close of 99,269.25.

The rally comes amidst signs of cooling inflation and declining interest rates, which have boosted market liquidity and fueled unprecedented gains.

Over the past five years, the Pakistan Stock Exchange (PSX) has delivered an annual return of 20.9% in PKR terms and 7.7% in USD, underscoring its resilience and appeal.

Key points: tracking KSE-100 making history day-by-day and what lies ahead


Farrukh H. Sabzwari, MD & CEO of PSX, said, “KSE-100 Index crossing the 100,000 mark is a proud moment for Pakistan Stock Exchange and a testament to the trust of our investors and the progress of nation’s economy”.

He was of the view that the milestone demonstrated potential of the capital market.

“Our focus is on driving sustainable growth and working towards increasing the depth of our market and ensuring it supports the broader economic objectives of the country.

“Expanding retail investor participation is a key priority, as it will foster inclusivity and resilience, enabling the market to grow alongside the nation’s economy,” Farrukh said.

The journey forward also requires broadening the base of listed companies, particularly from under represented sectors, he added.

“By doing so, PSX aims to improve Pakistan’s market capitalisation-to-GDP ratio, further complementing economic growth and increasing the market’s ability to attract long-term investments.”

Governor Sindh, Kamran Tessori visited the PSX on Thursday to celebrate the achievement and congratulate the PSX management.

 
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