November 19, 2024 (MLN): Pakistan stocks extended their record-breaking rally on Tuesday as positive macroeconomic indicators continued to boost sentiment.
The benchmark KSE-100 Index rose near 96,000 for the first time and is on its way to notching its 55th record close this year. The index traded near 95,862 as of 11:50am after an increase of 866 points or 0.9% from the previous session.
It is up 33,411 points or 53.5% so far this year. Stocks are expected to rally further by at least over 25% by the end of 2025 on the back of improving macro indicators and falling bond yields, according to analysts.
Official report Monday showed the economy continues to move toward stability. Pakistan's current account posted a surplus for the third consecutive month driven by robust growth in remittances and exports, which more than offset the increase in imports.
The gap in current account, the broadest measure of trade and investment, showed a surplus of $349m in October. That turned the current account in 4MFY25 to a surplus of $218m, compared to $1.53 billion deficit in 4MFY24.
Top gainers during the day were GHGL (+10.02%), AGP (+10.00%), SYS (+6.83%), POML (+6.54%), and ABOT (+5.93%).
In terms of index-point contributions, companies that propped up the index were SYS (+192.54pts), UBL (+71.10pts), PPL (+55.41pts), ABOT (+39.77pts), and AGP (+39.63pts).
Sector-wise, KSE-100 Index was supported by Commercial Banks (+221.35pts), Technology & Communication (+220.59pts), Pharmaceuticals (+122.90pts), Oil & Gas Exploration Companies (+72.89pts), and Fertilizer (+46.60pts).
In the broader market, the All-Share Index was at 61,212.91 with a net gain of 501.84 points or 0.83%.
