Market Watch: PSX Hits New High, Crosses 55,000 | The Express Tribune

The Pakistan Stock Exchange (PSX) on Friday hit a new record high by crossing the 55,000 mark amid technical review talks with the IMF and on the back of a reduction in bond yields and an increase in remittances. funds. In the morning, trading began at the intra-day low of 54,371.74 points as the market opened after a day’s break due to Iqbal Day. However, investors immediately pushed the KSE-100 index higher and it continued to march northwards until midday. Falling Pakistan Investment Bond (PIB) yields in Wednesday’s auction and 11.5% month-on-month increase in workers’ remittances pushed the index to the highest intraday high of 55,506.32 near market close. Key sectors such as power, fertilizer, banking and automobiles contributed to this robust momentum. The stock market moved in the green throughout the day and finally closed with attractive gains of over 1,100 points. “Stocks hit a new all-time high amid higher volumes as investors eyed falling GDP yields of up to 180 basis points and strong remittance inflows of $2.46 billion, rising by 10% year-on-year, for October 2023,” Arif Habib Corp. said. MD Ahsan Mehanti. “The government’s deliberations in favor of the privatization of state-owned enterprises and the positive conclusion of the IMF technical review negotiations also played a catalytic role in the bullish close of the market.” At the close, the benchmark KSE-100 index recorded an increase of 1,129.94 points, or 2.08%, and stabilized at 55,391.37 points. Topline Securities, in its report, said that while continuing its momentum, the KSE-100 index gained 1,130 points and closed at 55,391, the highest ever index closing level. “This positivity was triggered by the results of the GDP auction, where yields fell in the range of 15 to 180 basis points, indicating that market expectations of a cut in the policy rate and the long-awaited notification of increase gas prices also boosted the market,” It said. A major positive contribution of 443 points came from Hub Power, Engro Fertilisers, Oil and Gas Development Company, MCB Bank and Meezan Bank, Topline added. Arif Habib Limited (AHL), in its comments, said the market closed above 55,000 as the KSE-100 continued its march towards new all-time highs with weekly gains of 4.17%. Major players Summer Hub Power (+5.86%), Engro Fertilizers (+4.87%) and MCB Bank (+3.33%) while Unity Foods (-1.93%), Bank Alfalah (-0.36%) ) and Pakistan Aluminum Beverage Cans (-1.64%). %) dragged down the index. JS Global analyst Muhammad Waqar Iqbal noted that the bullish momentum continued as the KSE index -100 posted gains of 1,130 points to close at 55,391. Volumes stood at 641 million shares compared to 483 million in the previous session. “Going forward, we recommend investors adopt a buy-on-the-dip strategy in the banking, exploration and production, and textiles sectors,” the analyst added. Overall trading volumes increased to 640.8 million shares, up from 482.7 million on Wednesday. The value of shares traded during the day was Rs21.1 billion. Shares of 380 companies were traded. Among them, 260 stocks closed higher, 103 fell and 17 remained unchanged. Cnergyico PK was the volume leader with 103.5 million shares traded, gaining Rs0.47 to close at Rs4.78. It was followed by Hum Network with 42.4 million shares, gaining 0.51 Rs to close at Rs7.23 and Pakistan Refinery with 31.1 million shares, gaining Rs0.50 to close at Rs23.18. Foreign investors were net buyers of shares worth Rs1, 228 million, according to the NCCPL. Published in The Express Tribune, November 11, 2023. Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join the conversation.