PSX Hits New All-Time High of 67,800 On PIA News, T-Bill Investment

The Pakistan Stock Exchange (PSX) rallied to a new all-time high on Wednesday, surpassing its previous high of 67,246 seen last week.

After opening trade at 66,886 points, the benchmark KSE-100 index went up by 1.34 percent or 897 points at 1 PM to a new high of 67,783.

At 1:30 PM, the benchmark index was at 67,873, up by 1.48 percent or 987 points.

It closed at 67,756, up 1.3 percent or 870 points.

CEO Topline Securities Mohammed Sohail said, “PSX continues its upward trajectory, reaching yet another record high. Confidence is improving, bolstered by significant progress in privatization efforts and increased Foreign Portfolio investment in government papers. Today, cement stocks took center stage amidst anticipation of a rate cut in the coming months.”

Pakistan International Airlines Corp Limited (PIAA) on Tuesday revealed plans for restructuring and its shareholders will vote on this proposal at an Extraordinary General Meeting on April 20th, 2024, in Karachi.

Meanwhile, after a gap of four years, a net inflow of $82 million was seen through Special Convertible Rupee Accounts (SCRA) during March 1-22, 2024, according to official data released by the State Bank of Pakistan. Since January 2024, these inflows have reached $126 million.

Top Volumes

The highest participation was witnessed in Pakistan International Airlines Corp (PSX: PIAA) with over 38 million shares traded, followed by Flying Cement Company Limited (PSX: FLYNG) and Worldcall Telecom Limited (PSX: WTL). The scrips had 21.4 million shares and 20.9 million shares traded, respectively.