2 days ago
PSX crosses 135,000-point mark for first time as week kicks off with gains
A stock broker reacts while monitoring the market on the electronic board displaying share prices during trading session at the Pakistan Stock Exchange, in Karachi on July 3, 2023. Photo: Reuters/ File
The Pakistan Stock Exchange opened the week on a bullish run, with the KSE-100 crossing the psychological barrier of 135,000 points for the first time in history during intra-day trading.
The index gained 1066.42 points, reflecting a 0.79% increase. At the time of reporting, the current index stood at 135,366.18 points during intra-day trading.
This marked another strong performance for the market, with the day's high hitting 135,521.84, while the low settled at 134,937.43.
The market saw a robust trading volume of 71.9 million shares, indicating a high level of investor participation.
The total market value reached an impressive Rs6.33 billion, up from the previous close of 134,299.76.
Earlier in the week, the KSE-100 index of the PSX surged 2,351 points, or +2% week-on-week (WoW), to close at 134,300, marking a second week of gains driven by a strong earnings outlook, record remittances and positive macro news.
Major boosts came from a US-Pakistan trade deal, $2 billion investment from Azerbaijan and rising Panda bond expectations.
The State Bank's foreign currency reserves hit a 39-month high of $14.5 billion.
Among FY25 highlights were remittances hitting $38.3 billion (+27%), auto sales higher by 43% and early retiring of Rs1.5 trillion worth of debt. Analysts see continued momentum with room for profit-taking.
The index trades at a 6.8x forward price-to-earnings ratio, offering a 7.4% dividend yield.
Top picks include OGDC, Pakistan Petroleum, Meezan Bank, MCB Bank, PSO, Hubco and Systems Limited.
