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The Pakistan Stock Exchange (PSX) continued its merry run as the benchmark KSE-100 index hit a new high on Friday.

At close, the benchmark index settled at 66,223.63, up by 1,505.56 points or 2.33%.

Earlier during the day, the index crossed the 66,000 level. However, the market lost a bit of steam in the second half of the trading session as it resorted to profit-taking.

Regardless, bulls returned to the stock market in the last hour of trading and the benchmark index hit an intra-day high of 66,273.73.

Across-the-board buying was witnessed in index-heavy sectors including cement, chemical, commercial banks, fertiliser, oil and gas exploration companies, OMCs and power generation and distribution sectors.

On Thursday, the PSX had witnessed another positive session as the benchmark KSE-100 settled at settled at 64,718.08, up by 800.35 points or 1.25%.

The ongoing momentum comes on the back of improvement in economic indicators after Pakistan and the International Monetary Fund (IMF) authorities reached an agreement on the first review of the Stand-By Agreement (SBA) last month.

In a key development, it was learnt that IMF’s executive board will meet on January 11 to consider the final approval to disburse the next $700 million tranche from its current loan programme with Pakistan, reported Bloomberg quoting an unnamed spokeswoman.

Business Recorder reached out to Esther Pérez Ruiz, the IMF Resident Representative in Pakistan, but a response was awaited.

Commenting on the recent performance of the bourse, former finance minister Miftah Ismail said the ongoing bullish trend suggests that the economic situation in the country is expected to improve in the coming months.

“The stock exchange index is considered a leading economic indicator,” said Miftah in a post on social media platform X, formerly known as Twitter. “It generally goes up a few months before a pick-up in economic activity (expansion) and goes down a few months before an economic downturn (recession).”

“This would then suggest that we have seen the bottom of our economic cycle and hopefully the economic situation will improve,” he added.

Meanwhile, the rupee continued uptrend against the US dollar for the ninth consecutive session as it appreciated a marginal 0.09% in the inter-bank market on Friday. As per the State Bank of Pakistan, the local unit settled at 283.87 after an increase of Re0.25.

Volume on the all-share index increased to 1,329.5 million from 1,316.5 million a session before.

The value of shares decreased to Rs33.3 billion from Rs37.1 billion in the previous session.

K-Electric Ltd. remained the volume leader with 342.5 million shares, followed by WorldCall Telecom with 98.5 million shares and P.T.C.L. with 58.7 million shares.

Shares of 395 companies were traded on Friday, of which 257 registered an increase, 127 recorded a fall, while 11 remained unchanged.


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charlie Dec 08, 2023 10:25am
Wonder what do people with money know that we average people don't. Debt is record high, reserves are depleting, record inflation. Yet people with money are having party.
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Arif Dec 08, 2023 11:16am
The way Stock Market is going up relentlessly, there is no Guarantee that FBR will not impose windfall Tax in addition to Capital Gain Tax.
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Dr fahad Dec 08, 2023 12:49pm
@charlie, Learn economics
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Mustafa Dec 08, 2023 12:52pm
Heavy buying in banking and OMC
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Mustafa Dec 08, 2023 12:53pm
@charlie, average people don't not believe in investing. They want to get married and have kids ... Investment at early stages beer sacrifices - which average people are bit ready to ...
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Usman Dec 08, 2023 12:55pm
@charlie, they know that miney is fake and cheaper than the paper its printed on.They also know that it is not backef by gold.Sk what they are doing is they are buying shares in companies which becomes assets for them as they will get divdends .while the poor are worried about 2 time meals.the rich have understood the system and are playing out of it.dont hold cash.its useless.invest it.
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iftikhar khan Dec 08, 2023 02:56pm
Its not Stock market but Gambling zone. What Extraordinary happened in Just One Month to Justify these prices. ?? Just stay away
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Dr fahad Dec 08, 2023 03:59pm
@iftikhar khan, Gen Asim Munir Zindabad
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iftikhar khan Dec 08, 2023 04:45pm
@Dr fahad , zinda bhag
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Arif Dec 08, 2023 04:57pm
PSX-100 index should be included in Pakistan Space program as the way it is going it will soon reach the moon , hopefully not Dark side .
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mustafa Dec 08, 2023 06:24pm
@iftikhar khan, confidence of business was -25% and now its Stands at -17% ... FIPI ( foreigners ) are main buyers, they are investing in power, banks, OMC and refinery sector ,, that's why market is on the rise PSX value was around the value of Nepal stock market (23 billion USD - down from 100 billion USD back in 2017) and at that time dollar was at 100 now its at 285 which means lots of floating cash in the country KINDLY READ ECONOMICS ....
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ALTAF NOOR ALI Dec 08, 2023 06:33pm
I am very pleased at the performance of the market. The past tells me that at this level speculators jump in. They will be taken to a helght......and thrown from there to the earth.. All the speculators will then take a protest rally outside the stock exchange for the recovery of losses. Let them enjoy for the time being. THose who will remain in the market through the thin and thick are long-term real investors.
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ALTAF NOOR ALI Dec 08, 2023 06:45pm
@iftikhar khan, Like a knife is used for a surgery or for a crime, stock market for a novice is a gambling den for an investor a place to make good returns over time. Sock Market is for investors who wish to invest funds in the listed securities for a long-term. I suggest you learn online how saving and investing small amounts in the right companies may be profitable over time. Up and downs are a natural cycle of stocks, you will learn.
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Builder Dec 08, 2023 07:05pm
@ALTAF NOOR ALI Not many people understand what you said - investment in stock market is not about short-term trading, it's about long-term investment in value stocks. But it's true that market is overbought and correction is around the horizon - not a good time for newbies.
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Humayun Ghayasuddin Ghausi Dec 08, 2023 09:04pm
@Arif, Lol, that is next level satire...
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