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KSE-100 soars despite negative cues

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  • Optimistic investor spirits drive the flow of funds to index-heavy sectors.
  • KSE-100 index surge 591.27 points to settle at 44,928.83.
  • Shares of 362 were traded during the session.

 KARACHI: The Pakistan Stock Exchange (PSX) bounced back on Thursday as the benchmark KSE-100 surged by nearly 600 points supported by late-session buying.

Anticipation of encouraging financial results allowed investors to cherry-pick stocks that had dropped to attractive valuations following multiple rounds of hammering in the past month owing to rising political uncertainty in the country.

Optimistic investor spirits drove the flow of funds to index-heavy sectors and all heavyweights closed with modest gains.

The market players also ignored concerns raised by Moody’s regarding a negative rating due to the no-confidence motion submitted against Prime Minister Imran Khan.

Meanwhile, during the month of March, the benchmark KSE-100 index rose 1.1% as positivity returned to the bourse despite deafening political noise and the commencement of a military war between Russia and Ukraine.

At the close, the KSE-100 index surged 591.27 points, or 1.33%, to settle at 44,928.83 points.

Benchmark KSE-100 index intra-day trading curve. — PSX data portal
Benchmark KSE-100 index intra-day trading curve. — PSX data portal

Arif Habib Limited in its post-market commentary noted that the market witnessed positive momentum along with improved trading volumes today.

“The benchmark KSE-100 index stayed in the green zone,” it stated, adding that investors seemed to be optimistic on the ground of decline in international oil prices and expectation of upcoming good financial results in cement stocks.

Meanwhile, on the flip side activity remained healthy in third-tier stocks.

Sectors contributing to the performance included technology (+118.2 points), fertiliser (+87.1 points), banks (+67.7 points) and cement (+41 points).

Shares of 362 were traded during the session. At the close of trading, 273 scrips closed in the green, 75 in the red, and 14 remained unchanged.

Overall trading volumes rose to 344.13 million shares compared with Tuesday’s tally of 268.91 million. The value of shares traded during the day was Rs7.8 billion.

K-Electric was the volume leader with 56.07 million shares traded, gaining Rs0.03 to close at Rs3.14. It was followed by Treet Corporation with 34.44 million shares traded, gaining Rs2.20 to close at Rs33.93, and Telecard Limited with 27.29 million shares traded, gaining Re1 to close at Rs14.17.

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Pakistan’s gold prices are declining.

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Ten grams of 24 carat gold also had a price decrease of Rs. 1,115, from Rs. 239,026 to Rs. 237,911, while ten kilos of 22 carat gold saw a rise in price from Rs. 219,107 to Rs. 218.085.

The cost of ten grams of silver and one tola of silver stayed at Rs. 2,829.21 and Rs. 3,300, respectively.

As stated by the Association, the price of gold fell $13 to $2,670 on the global market.

On Monday, November 11, 24-karat gold prices fell to 3,771 Saudi Riyals (SAR) per tola in Saudi Arabia.

The price of 24-kar gold is SAR 10,067 per ounce, while 10 grams of the metal are being sold for SAR 3,237 in the kingdom, according to forex.pk.

Note: Since the prices were updated at 10:15 am on November 11, 2024, there may be some discrepancies in this post due to the dynamic nature of the gold market globally, especially in Saudi Arabia.

As the markets anticipate the Federal Reserve to take a cautious stance under U.S. President-elect Donald Trump’s administration, gold prices fell for a second session on Monday due to a stronger dollar and heightened risk appetite.

As of 09:27 GMT, spot gold was down 0.6% to $2,666.48 an ounce. The price of US gold futures dropped 0.8% to $2,673.20.

“A stronger U.S. dollar, rising Treasury yields, and increased risk appetite in financial markets are the main reasons why gold prices have declined — a trend that has gained momentum since Donald Trump’s victory in last week’s presidential election,” said Ricardo Evangelista, senior analyst at ActivTrades.

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Prices for cooking oil and ghee have increased in Pakistan.

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Details show that although the price of ghee increased to Rs 550, the price of cooking oil increased by Rs 30 to Rs 560.

The market vendors said that the cost of Karachi-branded ghee had increased by an astounding Rs 120 over the past month, to Rs 500.

The Sensitive Price Indicator (SPI), which measures weekly inflation, increased by 0.28 percent for all consumer categories during the week ending October 17, according to a report released by the Pakistan Bureau of Statistics (PBS) on October 18.

In the aforementioned group, the SPI for the week under review was 319.79 points, compared to 318.91 points the previous week, according to the PBS statistics.

In the week under examination, the SPI for the combined consumption group increased by 15.02 percent compared to the same week last year.

51 important goods for all expenditure groups and 17 urban centers are covered by the weekly SPI with base year 2015–16 = 100.

Additionally, the SPI for the lowest consumption category, which is up to Rs 17,732, increased by 0.27 percent from 312.91 points last week to 313.74 points.

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The KSE-100 Index surpassed 94,000 points, while the PSX touched a record high.

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Monday saw record highs for the Pakistan Stock Exchange (PSX), as the benchmark KSE-100 Index broke above the 94,000 point mark in the face of robust positive tendencies.

Beginning the week on a strong note, the stock market reached a series of record highs during the trading session.

After rising 408 points to 93,700, the KSE-100 Index continued to rise 551 points, reaching 93,845. Just a short while after that, the index jumped another 728 points, breaking all previous PSX records and reaching 94,020 points.

Since the beginning of the trading week, Pakistan’s market has demonstrated sustained rise, reflecting restored investor confidence. This surge is a reflection of that. Market optimism, improved economic data, and heightened interest from both domestic and international investors are all elements that analysts say are driving the upbeat attitude.

On Friday, the KSE-100 index soared 480 points, reaching a record high of 93,001 points, marking the first occasion in PSX history that the index had pushed above the 93,000-point milestone.

According to economists, the market is booming because investors are looking forward to Pakistan’s higher economic grade and reforms. An early 250-point increase propelled the 100 index to 92,770 points, the session high before the day’s top. The prior day’s market close was at 92,520 points.

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