Intraday Report: KSE-100 surges past record high

March 28, 2024 (MLN): The benchmark KSE-100 index has surged past its previous all-time high of 67,094 during intraday trading on Thursday.

The index was up 599.24 points or 0.9% to trade at 67,147.03 as of around 10:30am.

Yesterday, the index had closed at an all-time high of 66,547.78.

To note, after a record high closing of 66,427 in mid-December, the index experienced a significant correction, dropping as much as 12.4% from its highs.

The rebound back past its record highs, after 3.5 months, has been fueled by better than expected conclusion of general elections, expectations for interest rate cuts and fresh inflows from the IMF following the Staff-Level Agreement for the final tranche of $1.1 billion.

Meanwhile, the government’s efforts to restructure and privatize Pakistan International Airlines Corp (PSX: PIAA) have also played a due role in boosting the investors’ sentiments.

PIA's stock price has seen a surge of 8.55x over the past year, while the year-to-date (YTD) increase stands at 4.16x.

The KSE-100 has gained 25,694 points or 61.98% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 4,696 points, equivalent to 7.52%.

In the broader market, the All-Share index gained 348.68 points to 44,423.80, just below its record high of 44,514.

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