PSX closes at all-time high as KSE-100 breaches 87,000-mark

KARACHI: The benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX) closed at an all-time high on Wednesday amid positive sentiments in the capital market.

The benchmark Index gained 728 points, or 0.84% to close at 87,195.54 levels amid expectations of a cut in the State Bank of Pakistan’s (SBP) policy rate.

An analyst at Topline Securities said that the trading session at the capital market showed positive momentum, driven by expectations of an upcoming rate cut in the monetary policy announcement set for November 4, 2024.

“Investor enthusiasm for K-Electric also surged following the recent announcement that the National Electric Power Regulatory Authority (NEPRA) has approved the generation tariff for all its power plants effective after June 2023,” as per the analyst.

Major PSX players such as Hub Power Company (HUBCO), K-Electric Limited (KEL), Pakistan Petroleum Limited (PPL), and Oil and Gas Development Company (OGDC), and Attock Refinery Limited (ATRL) witnessed the most gains.

“Trading activity remained vigorous, with 696 million shares exchanged, totalling Rs 26 billion. KEL was the most actively traded stock, with an impressive 207 million shares transacted,” according to the Topline Securities analyst.

K-Electric Ltd remained the top traded stock with as many as 207.63 million shares exchanged, followed by WorldCall Telecom at 42.92 million shares, while Pakistan International Bulk Terminal (PIBT) remained the third with 33.97 million shares.

As many as 447 companies were traded in the Pakistan Stock Exchange, with 214 registering gains, 173 experiencing declines, and 60 remaining unchanged.

It is to be noted that the KSE -100 Index of the PSX had already set a record in the previous day’s session, as it closed at 86,466.58 points, an increase of 409.06 points, or 0.48%.