Stocks record highest-ever single-day increase of 4,695 points

KARACHI: Bouncing back from the previous session’s losses, the KSE-100 Index shattered records on Wednesday with a historic single-day gain of 4,695 points. This rally also marked the second-highest single-day increase in market capitalisation, surging by an impressive Rs526 billion.

The bullish momentum, driven by a cooling political climate in Islamabad, pushed the index to a new milestone, closing above the 99,000 mark for the first time. Market analysts are abuzz with optimism, predicting the index is on the cusp of breaching the coveted six-figure threshold.

The Pakistan Stock Exchange’s (PSX) benchmark KSE 100 Index surged by a record 4,695.09 points or 4.96 per cent to 99,269.25 points against 94,574.16 points recorded in the last session. The highest index of the day remained at 99,549.81 points while the lowest level was recorded at 97,188.28 points.

Analyst Maaz Mulla at Topline Securities said the bulls staged a remarkable recovery as the KSE-100 Index soared to an intraday high of 4,975 points, recording the largest single-day gain in its history. This impressive rally followed yesterday’s sharp downturn, with the index closing at 99,269 -- up by 4,695 points or 4.96 per cent. “The market’s positive sentiment was largely driven by the opposition party’s decision to end its protest in the capital city [in the early hours of Wednesday],” he said.

This shift marked a complete reversal from Tuesday’s turmoil, where the benchmark KSE-100 Index experienced its biggest single-day drop. In an extraordinary recovery, the market rebounded, fully offsetting and surpassing the previous session’s losses.

In terms of market capitalisation, Tuesday’s decline of Rs480 billion was followed by an exceptional increase of Rs526 billion Wednesday, marking the second-highest single-day surge in history.

The trading floor witnessed robust buying activity, with the index-heavy banking sector leading the charge. Other significant contributors included automobile assemblers, oil and gas exploration companies, oil marketing companies (OMCs) and power generation firms.

Top contributors to the index’s upward trajectory were FFC, HBL, SYS, BAHL, and PPL, collectively adding 1,546 points. The KSE-30 index increased by 1,587.57 points or 5.39 per cent to 31,032.39 points against 29,444.82 points.

Traded shares decreased by 59 million shares to 1,057.104 million shares from 1,116.324 million shares. The trading value dropped to Rs39.556 billion from Rs43.291 billion. Market capital expanded to Rs12.577 trillion against Rs12.052 trillion. Of the 453 companies active in the session, 356 closed in green, 52 in red and 45 remained unchanged.

Ahsan Mehanti, an analyst at Arif Habib Corp, said, “Stocks closed to a new all-time high led by scrips across the board after the PTI ended protests in the capital, easing political noise and concerns for security unrest.”

He said that upbeat economic indicators, speculations over likely lower CPI inflation for November and rupee stability played a catalyst role in the bullish activity. The highest increase was recorded in Unilever Pakistan Foods Limited, which rose by Rs348.78 to Rs19,368.13 per share, followed by Rafhan Maize Products Company Limited, which increased by Rs175.27 to Rs7,988.75 per share. A significant decline was noted in Pakistan Services Limited, which fell by Rs50.29 to Rs827.72 per share; Sapphire Textile Mills Limited followed it, which closed lower by Rs26.35 to Rs1,151.64 per share.

Analyst Mubashir Anis Naviwala at JS Global said the PSX rebounded strongly, recovering sharply from Tuesday’s panic-driven selloff. “Investor activity picked up significantly, fuelled by easing political tensions, with robust gains seen across the board,” he said. “Renewed investor optimism, supported by improving macroeconomic indicators and declining fixed-income yields, signals a sustained bullish outlook for the equity market.”

BO Punjab remained the volume leader with 114.966 million shares which closed higher by Re1 to Rs7.85 per share. Hascol Petrol followed it with 106.286 million shares, which closed lower by Re1 to Rs12.59 per share.

Other significant turnover stocks included K-Electric Ltd, Fauji Foods Ltd, Bank Makramah, Pace (Pak) Ltd, Sui South Gas, Cnergyico PK, WorldCall Telecom and National Bank XD. In the futures market, 307 companies recorded trading, 291 of which increased, 15 decreased, and one remained unchanged.