KSE-100 settles at new record high as bulls continue to dominate

Fuelled by investor optimism over clarity on the budget, buying spree continued at the Pakistan Stock Exchange (PSX) as the benchmark KSE-100 index crossed the 77,000 level for the first time in history during the trading session on Friday.

The KSE-100 hit an intra-day high of 77,310.45, but some profit-taking in the second half of the session erased the gains. Both trading volume and value also saw a day-on-day decline.

At close, the KSE-100 index settled higher by 498.61 points or 0.65% at 76,706.77. This is still the KSE-100’s highest closing in history.

Buying was witnessed in key sectors including commercial banks, fertiliser, oil and gas exploration companies, and OMCs .

Index-heavy stocks including, SNGPL, OGDC, HBL, MCB and MEBL traded in the green.

On Thursday, the PSX opened on an overwhelmingly positive note in the post-budget session as the benchmark KSE-100 index crossed the 76,000 level to settle at 76,208.16, an increase of 3,410.73 points or 4.69%.

The buying spree comes as the market reacted largely positively to measures announced in federal budget 2024-25.

Analysts said the budget FY25 is overall positive for the market as the government has not changed the treatment of Capital Gain Tax (CGT) to normal tax.

Globally, Mainland China and Hong Kong stocks fell on Friday, dragged lower by shares of liquor makers and other consumption-related shares and as sentiment was dented by a weaker yuan and fears of more Western trading restrictions on Chinese firms.

Market participants anxiously awaited May credit lending data due later in the session and the central bank’s rollover of maturing medium-term policy loans next Monday for more clues on the broader economy.

Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.20% while Japan’s Nikkei index was up 0.44%.

Meanwhile, the Pakistani rupee appreciated marginally against the US dollar, gaining 0.03% in the inter-bank market on Friday. At close, the local unit settled at 278.51, a gain of Re0.08 against the greenback.

Volume on the all-share index decreased to 395.89 million from 635.53 million a session ago.

The value of shares declined to Rs21.37 billion from Rs30.75 billion in the previous session.

K-Electric Ltd was the volume leader with 23.04 million shares, followed by WorldCall Telecom with 22.4 million shares, and Air Link Communication with 17.99 million shares.

Shares of 439 companies were traded on Thursday, of which 160 registered an increase, 205 recorded a fall, while 74 remained unchanged.