PSX Hits New All-Time High As Bulls Push KSE-100 Above 58,000

The Pakistan Stock Exchange (PSX) rallied to a new all-time high on Wednesday, surging past the previous record of 57,397. After opening trade at 57,418 points, the benchmark KSE-100 index went up by 1.36 percent or 778 points at 12:40 PM to a new high of 58,150. At 12:45 PM, it clocked in at 58,217, up 1.47 percent or 845 points. This is one of the fastest recoveries at PSX, with the market, previously $20 billion, now close to $30 billion, said CEO of Topline Securities Mohammed Sohail. “50% return in UD dollars in 6 months. After 6 bad years. And the good thing is… This recovery has just started. Market PE 3-4 times still at an unbelievable low levels,” he added. The highest participation was witnessed in Worldcall Telecom Limited (PSX: WTL) with over 32.5 million shares traded, followed by Fauji Fertilizer Bin Qasim Limited (PSX: FFBL) and Fauji Foods Limited (PSX: FFL). The scrips had 15.3 million shares and 12.9 million shares traded, respectively. This is an intraday market update.