Pakistan stocks surge as KSE-100 tops 90,000

October 25, 2024 (MLN): Pakistan stocks continued their recor­d-breaking rally for the fourth straight session on Friday, as improving macroeconomic indicators continued to boost sentiment.

The benchmark KSE-100 Index topped 90,000 for the first time in history and is on its way to notching its 44th record close this year. The index traded near 89,952 as of 10:00am after an increase of 1,006 points or 1.1% from the previous session.

It is up 27,501 points or 44% so far this year.

Read: Six giant companies are driving the KSE-100 rally

Key reports on Monday showed the economy continues to move toward stability.

The country's current account posted a second straight monthly surplus amid a surge in home remittances. In the first three months of current fiscal year, the deficit narrowed by 92% to $98m from $1.24 billion in 3MFY24.

Moreover, the cash-strapped nation attracted $385m foreign direct investment (FDI) in September, up a significant 81% compared to the same period last year (SPLY).

Top gainers during the day were PGLC (+12.05%), FCEPL (+8.10%), PAKT (+7.20%), CHCC (+5.64%), and EFERT (+5.60%).

On the other hand, top losers were PSEL (-9.71%), ILP (-5.38%), UPFL (-5.18%), JVDC (-3.00%), and PKGP (-2.95%).

In terms of index-point contributions, companies that propped up the index were EFERT (+219.46pts), FFC (+102.04pts), DAWH (+87.19pts), OGDC (+78.96pts), and PPL (+78.95pts).

Sector-wise, KSE-100 Index was supported by Fertilizer (+407.63pts), Oil & Gas Exploration Companies (+205.74pts), Commercial Banks (+156.60pts), Cement (+102.21pts), and Inv. Banks / Inv. Cos. / Securities Cos. (+86.09pts).

In the broader market, the All-Share Index was at 57,549.58 with a net gain of 583.88 points or 1.02%.

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