Index surges past 148,000-point mark

Business Recorder

2 days ago

KARACHI: Pakistan Stock Exchange (PSX) surged on Monday as bulls staged a strong comeback, with market optimism fueled by reports of the government's upcoming circular debt reform drive, which investors expect will ease liquidity constraints in the energy chain.
The benchmark KSE-100 Index closed at 148,196.42 points, compared with the previous session's close of 146,491.63 points. The index rallied by 1,704.79 points, or 1.16 percent, marking its highest-ever closing. During the session, it touched an intraday high of 148,395.72 points and a low of 146,403.65 points.
On Monday, the BRIndex100 closed at 15,103.07 points, up 140.86 points or 0.94 percent from the previous close, with a total volume of 416.667 million shares. The BRIndex30 settled at 42,619.31 points, gaining 540.76 points or 1.29 percent, with a total volume of 197.904 million shares.
Topline Securities, in its post-session commentary, noted that the bulls staged a strong comeback in Monday's trading session as market sentiment brightened on reports of the government's circular debt reform drive. The plan entails reducing LNG cargoes, revising RLNG pricing, and mobilizing funds through LNG diversion savings, SOE dividends, and power sector receivables. Detailed proposals are expected to be announced next week, sustaining investor optimism.
Market capitalization expanded by Rs170 billion, climbing to Rs17.639 trillion compared with Rs17.469 trillion in the previous session.
Trading activity witnessed a marked improvement with ready market volumes rising to 610.3 million shares, against 473.6 million shares on Friday, while traded value surged to Rs39.17 billion from Rs32.88 billion.
The market breadth was positive, with 283 companies advancing, 175 declining, and 29 remaining unchanged in total active companies of 487.
WorldCall Telecom remained the volume leader with 40.7 million shares traded, though it edged down to Rs1.40. Pervez Ahmed & Co attracted 29.7 million shares, closing higher at Rs2.82. Al-Shaheer Corporation, with 26.35 million shares, firmed up to Rs12.24.
Blue-chip gainers included Hoechst Pakistan, which jumped Rs323.88 to Rs3,830.59, and PIA Holding, up Rs186.13 to Rs28,001.10. On the flip side, Nestle Pakistan dropped Rs259.15 to Rs8,394.94, while Unilever Foods shed Rs100 to Rs31,900.
The BR Automobile Assembler Index settled at 24,024.81 points, gaining 144.35 points or 0.6 percent, with a total turnover of 4.45 million shares. The BR Cement Index closed at 12,069.06 points, rising 376.90 points or 3.22 percent, on a turnover of 52.45 million shares.
The BR Commercial Banks Index ended at 44,263.13 points, up 643.20 points or 1.47 percent, with 64.63 million shares changing hands. The BR Power Generation and Distribution Index stood at 22,656.40 points, an increase of 251.27 points or 1.12 percent, with a turnover of 25.78 million shares.
The BR Oil and Gas Index finished at 12,957.95 points, higher by 86.68 points or 0.67 percent, with volumes of 28.74 million shares. Meanwhile, the BR Technology and Communication Index edged down by 2.57 points, or 0.08 percent, to close at 3,338.42 points, though it recorded the turnover of 89.78 million shares.
Ahsan Mehanti of Arif Habib Corporation said that stocks closed at a new all-time high as investors took confidence from Fitch's brighter outlook on Pakistan's banks and Moody's upgrade of the country's currency rating to Caa1. He added that a strong earnings outlook, rupee stability, and speculation over potential Pakistan–US trade and investment deals—along with government efforts to secure further US export tariff incentives—also acted as key catalysts for the record close at the PSX.
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