KARACHI: Pakistan Stock Exchange performed exceptionally well and hit historic highest-ever levels during the month of October 2024.

The benchmark KSE-100 Index surged by 7,853 points or 9.68 percent on MoM basis to close at 88,966.77 points. During the month, the index hit 91,358.15 points intra-day highest and 90,864.09 points highest-ever closing level.

“This bull run in the market during the month can be attributed to institutional buying, good corporate earnings announcements and expectation of decline in policy rate in the upcoming monetary policy announcement”, an analyst at Topline Securities said.

Major developments during the outgoing month were CPI inflation number for the month of September 2024 which clocked in at 6.9 percent against 9.6 percent in August 2024 which triggered the overall downward spiral in yields on fixed income instruments; Saudi delegation visit to Pakistan, where major feat was news that Saudi firm was set to buy a stake in Barrick Gold’s Reko Diq gold and copper mine; Pakistan’s worker remittances in September 2024 clocking in at $2.85 billion (up 29 percent YoY) and current account posting a surplus of $119 million for the month of September 2024 (making it second consecutive month with current account surplus).

Average daily traded volume and value during the month stood at 519 million shares and Rs 25 billion respectively.

Copyright Business Recorder, 2024