PSX bull run shows no signs of stopping as KSE-100 adds another 1,000pts

October 29, 2024 (MLN): Pakistan stocks continued their recor­d-breaking rally for the seventh session on Tuesday as improving macroeconomic indicators and expectations of further reduction in the policy rate continued to boost sentiment.

The benchmark KSE-100 Index jumped 1,045.02 points or 1.16% to 91,240.5 as of 11:55am.

It is up 28,789 points or 46.10% so far this year.

The State Bank of Pakistan has cut interest rate by 450 basis points since June and is scheduled to review monetary policy again on November 04.

Most analysts believe the central bank will reduce its policy rate by another 200 bps in its upcoming meeting amid a decline in inflation, and a low current account deficit.

Market sentiment has also been bolstered by a bumper earnings season.

Catch Jul-Sep Quarter Earnings Here: Q3 2024

Top gainers during the day were PGLC (+10.00%), IBFL (+10.00%), GLAXO (+10.00%), CHCC (+10.00%), and ILP (+6.22%).

On the other hand, top losers were AIRLINK (-4.74%), JDWS (-2.96%), AICL (-2.92%), BNWM (-2.68%), and PSX (-2.48%).

In terms of index-point contributions, companies that propped up the index were FFC (+164.71pts), UBL (+95.84pts), CHCC (+89.80pts), MCB (+60.18pts), and GLAXO (+48.08pts).

Sector-wise, KSE-100 Index was supported by Commercial Banks (+314.33pts), Cement (+226.75pts), Fertilizer (+142.76pts), Pharmaceuticals (+94.62pts), and Oil & Gas Exploration Companies (+66.84pts).

In the broader market, the All-Share Index was at 58,261.22 with a net gain of 609.93 points or 1.06%.

Copyright Mettis Link News