PSX Soars Past 87,000 Mark to Hit Record High

Positive sentiments dominated the Pakistan Stock Exchange (PSX) for third consecutive day on Wednesday as the benchmark KSE-100 Index gained 727.96 points to reach an all-time high level of 87,194.54 points.  A total of 699,294,030 shares were traded during the day as compared to 722,209,194 shares the previous trading day, whereas the price of shares stood at Rs 26.824 billion against Rs.25.024 billion on the last trading day.   As many as 447 companies transacted their shares in the stock market, 214 of them recorded gains and 173 sustained losses, whereas the share price of 60 companies remained unchanged.  The three top trading companies were K-Electric Limited with 207,635,816 shares at Rs. 4.67 per share, WorldCall Telecom with 42,917,587 shares at Rs. 1.29 per share and Pak International Bulk with 33,969,303 shares at Rs. 5.96 per share.  Unilever Pakistan foods Limited witnessed a maximum increase of Rs. 96.84 per share price, closing at Rs. 18,263.67, whereas the runner-up was Siemens (Pakistan) Engineering with Rs. 92.57 rise in its per share price to Rs. 1,018.23.  Rafhan Maize Products Company Limited witnessed a maximum decrease of Rs. 61.88 per share closing at Rs. 7,300.00 followed by Pakistan Engineering Company Limited with Rs. 28.60 decline to close at Rs. 896.39.  Brokerage house Topline Securities said that positive momentum was driven by expectations of an upcoming rate cut in the monetary policy announcement set for November 4, 2024.   Investor enthusiasm for KEL also surged following the recent announcement that the National Electric Power Regulatory Authority (NEPRA) has approved the generation tariff for all its power plants effective after June 2023, it added.  Arif Habib Limited (AHL) pointed out that the performance reflects a 40 percent gain in 2024 and a 7 percent month-on-month increase.  AHL said the rally is fueled by improving macros, easing interest rates, currency stability, and attractive valuations, drawing increased investor confidence.