PSX surges to new heights, breaks 140k barrier
The Pakistan Stock Exchange (PSX) witnessed a significant surge on Friday, with the KSE-100 index closing at an all-time high of 141,035, a gain of 1,645 points, or 1.18%. The rally was led by energy sector stocks, which saw a strong buying interest in the afternoon session.
The potential collaboration between the US and Pakistan in oil exploration, along with news regarding payment of circular debt, provided a much-needed boost to energy sector stocks. Blue-chip share such as OGDC, PPL, PSO and Hubco were among the top gainers, with OGDC surging 9.7%, PPL rising 7.1%, PSO gaining 6.7% and Hubco increasing 4.71%.
The energy sector contributed 1,152 points to the day's rally. The overall market activity remained robust, with 610 million shares changing hands and a traded value of Rs51 billion. WorldCall Telecom led the volumes chart with over 55 million shares traded.
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On a weekly basis, the KSE-100 index recorded its sixth consecutive weekly gain, adding 1,828 points, or 1.31%. The index opened at 139,760, touched a high of 141,161 and a low of 137,659 before settling at 141,035.
The PSX's strong rebound around the 138k level indicates a positive outlook as support now stands at 140k for the KSE-100 index. However, if this level is breached, the index could drift towards 138,000, where compelling valuations and expectations of monetary easing may revive investor interest and spark fresh buying momentum.
According to Ali Najib, Deputy Head of Trading at Arif Habib Ltd, 'The market's strong performance is a testament to the growing investor confidence in the Pakistani economy. We expect the KSE-100 index to continue its upward trend, driven by positive economic indicators and potential foreign investment.'
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