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HomeFinancePSX Achieves Milestone: Surpasses 55,000 Points Amidst Impressive Trading Rally

PSX Achieves Milestone: Surpasses 55,000 Points Amidst Impressive Trading Rally

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In a historic move, the Pakistan Stock Exchange’s (PSX) key indicator, KSE-100, reached an unprecedented high on Friday, eclipsing the previous record of 54,261. The day’s trading session commenced at 54,261 points, witnessing a remarkable surge of 1.55 percent or 841 points by 10 AM, propelling the index to a new pinnacle of 55,102. The upward momentum persisted, with a significant jump to 55,364, marking a 2.03 percent increase or 1,103 points by 11:55 AM.

By 12:20 PM, the KSE-100 index stood at 55,355, reflecting a continued ascent of 2.02 percent or 1,094 points. The driving force behind this surge was attributed to the positive results of a PIB auction, as noted by the CEO of Topline Securities, Mohammed Sohail, in a tweet.

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Sohail emphasized that while the KSE 100 Index crossed the 55,000 mark, the KSE 30 Index remained at 18,500, experiencing a 34% decline from its peak. Additionally, the Price-to-Earnings ratio (PE) was still down by 65% from its highest point.

Notable market activity centred around Cnergyico PK Limited (PSX: CNERGY), which witnessed the highest participation with an impressive 61.9 million shares traded. Following closely were Hum Network Limited (PSX: HUMNL) and Fauji Cement Company Limited (PSX: FCCL), with 22.8 million and 15.2 million shares traded, respectively.

The overall market saw substantial volumes, totaling 325.8 million shares, and the total traded value saw an increase, reaching Rs. 11.2 billion on Friday.

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