KARACHI
The Pakistan Stock Exchange (PSX) continued its bullish momentum on Friday, achieving a historic milestone as the KSE-100 index surged by 1,762.80 points, or 1.81%.
The index reached an all-time high of 99,091.19 points during intra-day trading, surpassing its previous close of 97,328.39 points.
This surge in the benchmark index was driven by sustained optimism surrounding Pakistan’s macroeconomic outlook, which has contributed to a positive market sentiment.
The market’s upward trajectory has extended its record-breaking streak, with investors reacting favorably to economic developments.
The KSE-100’s performance reflects growing confidence in the market, continuing its trend of strong gains. Analysts attribute the rise to investor optimism over economic reforms and fiscal policies, reinforcing the bullish sentiment in the market.
Meanwhile, the total market value reached 18,169,630,293, highlighting the overall value of transactions conducted during the intra day trading.
Earlier, Pakistan Stock Exchange (PSX) on Thursday skyrocketed to unprecedented heights as the KSE-100 index shattered the previous record, surging past the 97,000 mark for the first time in history.
The rally, during which the index soared nearly 1,800 points, was fuelled by a broad-based surge in stocks as investors brushed off political anxiety and responded to the drop in government bond yields as well as a wave of positive economic data, including the current account surplus, higher remittances and exports.
At the heart of the market’s advance were fertiliser stocks, which became a key focus for investors. Surging foreign exchange reserves and speculation about reforms and privatisation of state enterprises added fuel to the market’s remarkable growth.
With brief selling earlier in the day, the index touched its intra-day low of 95,300.21 points. However, a strong buying spree pushed it to the intra-day high of 97,437.15 towards the end of trading.
“Stocks closed bullish, led by across-the-board activity, as investors reacted to the drop in government bond yields and strong economic data, including the current account surplus, remittances, exports and foreign investment,” said Arif Habib Corp MD Ahsan Mehanti.
Surging foreign exchange reserves and speculation about economic reforms and privatisation acted as catalysts for the record surge at the PSX, he added.
At the end of trading, the benchmark KSE-100 index posted a sharp increase of 1,781.94 points, or 1.87%, and settled at 97,328.40.
Topline Securities, in its commentary, observed that the market demonstrated a bullish trajectory, reaching the intra-day high of 97,437. Investor confidence was boosted following the army chief’s meeting with the business community, it said.
Additionally, aggressive buying in the fertiliser sector, particularly Fauji Fertiliser Company and Fauji Fertiliser Bin Qasim, contributed to the positive momentum.
