On Friday, the Pakistan Stock Exchange (PSX) maintained its bullish momentum, with the KSE-100 index surging by 1,762.80 points, or 1.81%, reaching a historic high of 99,091.19 points during intra-day trading.
This milestone surpasses its previous record, positioning the PSX at the forefront of the market’s ongoing growth, fueled by a positive outlook on Pakistan’s macroeconomic environment.
The surge reflects escalating confidence among investors, driven by optimistic expectations for economic reforms and fiscal policies.
The KSE-100 index’s remarkable ascent was supported by a robust performance in the fertiliser sector, with substantial contributions from major companies like Fauji Fertiliser Company and Engro Fertilisers. These firms played a significant role, adding 1,196 points to the index, as detailed by Topline Securities.
Market dynamics showed a predominance of bullish sentiment, catalyzed by rising foreign exchange reserves and the potential to privatise state enterprises. Ahsan Mehanti from Arif Habib Corp highlighted that the market responded positively to decreased government bond yields and favourable economic data, including increases in remittances and exports.
On the trading floor, aggressive buying pushed the KSE-100 to an intra-day high after a brief dip to 95,300.21 points earlier in the day.
The market’s performance aligns with investor confidence, buoyed by discussions between the army chief and business leaders, suggesting a stabilizing influence on market conditions.
By the close of trading, the benchmark index had climbed further, closing at a sharp increase of 1,781.94 points or 1.87%.
The day also saw net selling by foreign investors, totalling Rs1.02 billion, but local dynamics remained robust, with significant movements observed in key stocks like WorldCall Telecom and Pace Pakistan.
