Historic High is still very low

As we celebrate the KSE100 Index reaching another historic high and crossing 67K, closing at 67,142, it is worth remembering that the market capitalization of the

Pakistan Stock Exchange (PSX) is now around USD 34 billion.

In the middle of 2017, the market capitalization of PSX was around USD 95 billion when the KSE100 Index crossed above 50K (the KSE100 Index closed at 52,869 on May 25, 2017).

Imagine the level we have to rise to match our previous historic high, now buried in history.

In the meantime, let us just celebrate this historic achievement.

Brent Crude Logs Biggest Weekly Drop Since September on Weak Demand, Easing Tensions

Oil prices were under pressure this week. Brent crude oil futures fell 1.9% to $73 per barrel on Friday, registering the biggest weekly loss since early September, with prices dropping over 7%. The decline was attributed to weaker demand forecasts from OPEC and the International Energy Agency (IEA), slowing economic growth in China, and signs of easing geopolitical tensions in the Middle East. Both OPEC and the IEA revised down their demand forecasts for 2024 and 2025. China's refinery output declined for the sixth consecutive month, impacted by weak fuel demand and the growing adoption of electric vehicles (EVs). Meanwhile, U.S. crude oil production reached a new record last week. Although a drawdown in U.S. crude inventories and stronger-than-expected retail sales in September provided some support to oil prices, easing concerns about a broader conflict in the Middle East exerted additional downward pressure on the market.

A Snapshot of Exchange Traded Funds at PSX

PSX Strongly Rebounds

The Pakistan Stock Exchange (PSX) reacted positively to the conclusion of the IMF staff-level agreement and has now recovered a substantial part of the losses sustained on Monday. Today, out of the 1,139-point gain in the KSE-100 Index, around 800 points were contributed by UBL, OGDC, PPL, and Meezan Bank.

PakStox Outlook

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