KSE-100 makes history, settles at record-high after crossing 53,000 level

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index powered past the 53,000 level on Friday, breaching also the all-time high of 53,127.24 it hit back in May, 2017 during intra-day trading.

At around 10:45am, the benchmark index was hovering at 53,140.65, which made this the highest intra-day level ever achieved by the KSE-100 Index. At the time, the KSE-100 had gained 483.89 points or 0.92% during the day.

It then hit an intra-day high of 53,263.07, surpassing the previous-best level.

By the end of the session on Friday, the KSE-100 closed at 53,123.03 after a gain of 466.27 points or 0.89%.

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Its previous all-time high (intra-day) was 53,127.24 it hit on May 25, 2017.

Before Friday’s session, the KSE-100 Index had never closed over 53,000. Its highest closing was 52,876.46, which it registered on May 24, 2017.

On Thursday, the KSE-100 Index had closed higher for the fourth consecutive session, settling at 52,656.76, an increase of 314.12 points or 0.60%, coming on the back of robust momentum provided by the first review of the IMF’s $3 billion Stand-by-Arrangement (SBA).

Arif Habib Limited expects KSE-100’s recovery in 2023

Market experts said multiple factors are driving the current bullish run at the bourse, which has also seen the index gain over 30% since June 22, 2023.

“IMF’s acknowledgement of government measures has created a positive sentiment at the bourse,” Sana Tawfik, analyst at Arif Habib Limited (AHL), told Business Recorder.

“Moreover, the announcement of the election date by the Election Commission of Pakistan (ECP), strong corporate results and reports pertaining to IFC’s commitment to injecting over $1.5 billion into Pakistan’s economy is driving the bullish run,” she said.

The analyst added that the momentum would continue amid a successful IMF review, which could pave the way for further inflows.

The IMF staff-level mission led by its Mission Chief, on Thursday, held a meeting with the caretaker Finance Minister Dr Shamshad Akhtar before embarking on the technical-level discussion from Friday (Nov 3).

The Finance Ministry, in a statement, said the interim finance minister held a meeting with IMF review mission led by IMF Chief Nathan Porter at the Finance Division.

The meeting was attended by IMF resident representative Esther Perez Ruiz, SBP Governor Jamil Ahmed, Chairman FBR, Chairman SECP, Secretary Finance, members of the IMF delegation and senior officers from the Finance Division.

At the PSX, PSMC continued to hit the upper limit and is currently sitting at Rs456.29, a massive increase from where the share was in June 2023. Additionally, index-heavy construction and oil/gas sector companies as well as OMCs were also in the green.

Market participants also hailed the development as the PSX – long under pressure due to different reasons – staged a recovery.

Topline Securities CEO Mohammed Sohail said valuations are still low even as the KSE-100 hit a record intra-day high.

“After a long period of 6.5 years, the Pakistan benchmark stock index is at an all-time high,” he said on X, formerly called Twitter.

“Don’t forget this is Index (total return) with dividends and bonuses. Valuations are still low at 4 times earnings as against PE of 12 in 2017.

“Reduction in economic and political uncertainties can take this market to a new high.”

On Friday, volume on the all-share index increased to 509.11 million from 475.08 million a session before.

The value of shares rose to Rs15.5 billion from Rs14.5 billion in the previous session.

Kohinoor Spining remained the volume leader with 43.1 million shares, followed by Pak Refinery with 41.8 million shares and TPL Properties with 29 million shares.

Shares of 365 companies were traded on Friday, of which 225 registered an increase, 115 recorded a fall, while 25 remained unchanged.