The Pakistan Stock Exchange (PSX) continued its upward trend on Tuesday. The KSE-100 index rose by 665.81 points or 0.78%, hitting a record intra-day high of 85,576.10.
The index initially dipped to a low of 84,897.98 points early in the day. However, it quickly gained momentum and reached a peak of 85,676.79 points.
Investor engagement was strong, with over 85 million shares traded, worth Rs 8.06 billion.
Following Monday’s significant rally, the index nearly hit 85,000 points. This rise was driven by solid performances from blue-chip oil stocks and optimism during the earnings season.
Read: KSE-100 Index Surges to Record High with Energy Rally and Rate Cut Prospects
Several factors fueled this growth, including favourable financial settlements, increasing global crude oil prices, and dropping bank lending rates. The index started the day at 83,303.54 points, rallied throughout, and closed at 84,910.30 points—up by 1,378.34 points or 1.65%.
Pakistan Petroleum Limited’s (PPL) settlement with Iraq’s Midland Oil for $6 million boosted the market. Strong expected quarterly results from oil companies also lifted investor spirits.
Privatization talks for state-owned enterprises and a rise in crude prices further strengthened the market’s upward trajectory.
Oil and Gas Development Company (OGDC), PPL, Fauji Fertiliser, and Engro Corporation contributed to the index’s rise. These companies added 752 points to the index, with notable gains in OGDC and PPL shares.
The positive trend was particularly evident in the exploration production and fertilizer sectors. Arif Habib Limited (AHL) described the week’s start as “aggressive” and noted that support levels might have increased to 84,000 points. AHL expects the bullish trend to continue with likely higher prices in the next sessions.
Trading volumes also increased, with total activity jumping to 449.5 million shares from 381.5 million on Friday.
The trading day ended with 218 companies advancing, 167 declining, and 63 remaining unchanged.
PPL was the most active stock, with 40.8 million shares changing hands. It closed at Rs 126.69, up Rs 8.09. Hub Power and Fauji Cement were also heavily traded, showing notable movements in their stock prices.
According to data from the National Clearing Company of Pakistan Limited (NCCPL), foreign investors were active, buying shares worth Rs 784.2 million.
