KARACHI: The KSE-100 index rose 84% in FY24, ending the year at 115,127 points. This marks the highest performance since 2002, when the index posted a staggering 112% gain.
In the last trading session of 2024, shares stumbled a bit and closed down a slight 132 points amid some year-end institutional profit-taking.
Pakistan Stock Exchange (PSX) benchmark KSE-100 index declined 0.11% to 115,126.9 points from 115,259 points recorded in the last session. The highest level of the day was 116,700.02 points, while the lowest level was recorded at 114,804.81 points.
Ahsan Mehanti, analyst at Arif Habib Corp, said: “Stocks closed under pressure at the year-end close on institutional profit-taking on overbought bonds.”
It said a drop in global stocks, moderate economic growth of 0.92% for July-September 2024, security unrest in Karachi and foreign capital outflows played a catalytic role in the bearish activity.
The KSE-30 index decreased by 117.50 points or 0.32% to 36,182.41 points against 36,299.91 points.
According to a report from a foreign media BloombergKSE-100’s 84% rise makes the index the second best performer in local currency terms among the 90+ tracked globally by Bloomberg.
Observers of the country expect the boom to continue next year, driven by likely further cuts in borrowing costs and a reduction in inflation, while an International Monetary Fund lending program helps stabilize the economy. The country’s economy expanded more slowly than expected last quarter, but has recovered broadly since 2023, when it narrowly escaped a default, the report said.
According to brokerage firm Arif Habib Limited, during FY24, KSEAll’s market capitalization saw a growth of 61%, ending at Rs 14.6 trillion, marking the highest ever closing in the fiscal year. .
He said that on December 16, the market capitalization reached an all-time high of Rp 14.8 trillion. In dollar terms, the market capitalization closed at a six-year high of $52.3 billion, reflecting an increase of 63% over the year.
Overall, activity on the PSX remained strong throughout the year, the brokerage firm said, “with average trading volume reaching an all-time high of 565 million shares.”
The average traded value rose sharply to Rs 22 billion, marking the highest average since fiscal 2007 when it stood at Rs 25 billion, it added.
In the last trading session, traded shares increased by 177 million shares, going from 1,059.02 million shares to 1,236.873 million. Trade value increased to Rs 44,218 billion from Rs 40,889 billion. Market capital fell to Rp 14,495 trillion from Rp 14,558 trillion. Of the 465 companies active in the session, 235 closed in green, 188 in red and 42 remained unchanged.
The highest increase was recorded in Bata Pakistan Limited, which rose by Rs 104.48 to Rs 2,018.85 per share, followed by Unilever Pakistan Foods Limited, which rose by Rs 91.16 to Rs 21,225.03 per share. A significant drop was seen in Haleon Pakistan Limited, which fell by Rs 52.25 to Rs 807.67 per share; It was followed by Shahmurad Sugar Mills Limited, which closed lower by Rs 47.31 to Rs 425.82 per share.
As the market approaches 2025, historical data indicates an average return of 4% in January over the past 10 years. Investors remain optimistic about continued growth, driven by improved macroeconomic indicators, positive corporate earnings and higher foreign capital inflows.
With an 88% annual gain in dollar terms, the PSX cemented its position as one of the world’s best-performing markets in 2024, reflecting resilience despite economic headwinds and local challenges.
The outlook for the KSE-100 remains positive as the market enters the new year, supported by strong fundamentals, anticipated liquidity flows and government-driven reforms.
In the last trading session, the top contributors to the index’s gains were PPL (+2.3%), UBL (+1.03%) and HBL (+1.7%). However, FFC (-1.51%), MCB (-2.1%) and BAFL (-2.1%) emerged as the biggest drags on the index.
Cnergyico PK remained the volume leader with 213.352 million shares, which closed up 41 paise at Rs 7.85 per share. It was followed by Pace (Pak) Ltd, with 66.219 million shares, which closed up 76 paise at Rs 8.09 per share.
Other top turnover stocks were WorldCall Telecom, BO Punjab, Fauji Foods Ltd, Pak Refinery, K-Electric Ltd., Telecard Limited, Pak Elektron and Pak Int Bulk.
In the futures market, 298 companies registered operations, of which 163 increased, 132 decreased and 3 remained unchanged.
