Karachi, December 30,2024: Pakistan Stock Exchange (PSX) experienced a robust buying rally on Monday, with the benchmark KSE-100 Index surging 3,907.82 points (3.51%) to close at 115,258.99. The index peaked at an intra-day high of 115,422.34, driven by across-the-board buying in major sectors such as banking, cement, oil and gas, and fertilizers.
Key performers included index-heavyweights HUBCO, OGDC, MARI, PPL, HBL, and PSO, which all traded in the green. The rally further solidified PSX’s position as Pakistan’s top-performing asset class in 2024, with a staggering 78% annual gain and a 177% return in USD over the past 18 months, according to Topline Securities.
Despite this performance, PSX’s market capitalization remains at $50 billion, half of its 2017 peak due to PKR devaluation, dividend payouts, and fewer listings.
Volume on the all-share index rose to 1,059.02 million shares from 815.92 million in the previous session, though the value of shares increased to Rs40.89 billion. Cnergyico PK led trading with 125.61 million shares, followed by WorldCall Telecom (111.55 million) and B.O. Punjab (84.18 million).
Globally, Asian shares edged lower amid light trading ahead of the New Year holiday, with MSCI’s Asia-Pacific index slipping 0.2%. Meanwhile, the Pakistani rupee remained stable, depreciating marginally by 0.01% to close at 278.48 against the US dollar.
