Record-setting rally continues at PSX
The Pakistan Stock Exchange (PSX) continued its remarkable ascent on Thursday as the KSE-100 index surged 0.39% to an all-time high of 145,647 points. The rally was driven by strengthening sentiment, robust corporate earnings and improving macroeconomic fundamentals.
The momentum followed the government's move to soften its tax enforcement campaign through mandatory consultation with the business community prior to arrests in tax fraud cases, a step seen as fostering a business-friendly environment.
After oscillating between intra-day high of 146,081 and low of 145,250, the benchmark KSE-100 index posted a gain of 558.64 points and settled at 145,647.14.
Arif Habib Corp MD Ahsan Mehanti commented that stocks closed at a new record high as investors weighed a 17% year-on-year (YoY) surge in exports for July 2025. "Rupee stability, surging global crude oil prices and equities, and expected positive outcome of the Pakistan-US tariff deal drove the bullish close at the PSX," he said.
KTrade Securities, in its market wrap, wrote that the bourse had another positive session as the KSE-100 index gained 559 points to close at 145,647. Early gains were fuelled by investor optimism following news of US President Donald Trump raising tariffs on Indian goods to 50%, which is considered favourable for Pakistan's export-oriented sectors, it said.
The index touched intra-day high of 146,081 before some profit-taking set in. However, in the latter part of the session, oil stocks gained traction amid reports of progress on circular debt payments. Key contributors included Pakistan Petroleum, Pakistan State Oil and Oil and Gas Development Company. With strong momentum and growing investor confidence, KTrade expected the bullish trend to continue in the coming days.
Topline Securities reported that the bullish momentum from previous sessions was carried through, underpinned by strong institutional inflows, particularly from local mutual funds. This sustained optimism propelled the benchmark KSE-100 index to intra-day high of 993 points. Later, it closed at an all-time high of 145,647, up 559 points, it said.
The rally was largely fuelled by index heavyweights including Pakistan Petroleum, Habib Bank, Engo Fertilisers, Systems Limited and Oil and Gas Development Company, which contributed 738 points. Market participation remained vibrant, with total traded volumes reaching 713 million shares and traded value hitting Rs55.7 billion, Topline added.
Arif Habib Limited (AHL) noted that stocks continued their upward trajectory, hitting the 146,000 mark in intra-day trading. Some 52 stocks rose and 47 fell, where key contributors to index gains were Pakistan Petroleum (+5.22%), Habib Bank (+2.86%), and Engro Fertilisers (+3.36%).
In major news, AHL mentioned, Maple Leaf Cement reported FY25 earnings per share (EPS) of Rs10.98, reflecting a 69% YoY growth and exceeding market expectations.
After seven consecutive sessions of strong, one-sided price action, near-term support for the index rose to 145,000 points. Some consolidation during Friday's session would be considered healthy. As the market heads into the final session of the week, the KSE-100 is up 3.27% week-to-date, AHL added.
JS Global analyst Mubashir Anis Naviwala observed that the PSX rally was fuelled by strong corporate results, boosting investor confidence across the board. Exploration and production stocks remained in the limelight, leading sector-wise gains, he said.
Shares of 483 companies were traded. Of these, 221 stocks closed higher, 235 declined and 27 remained unchanged. The value of shares traded was Rs55.7 billion.
Pakistan Petroleum was the volume leader with trading in 33.1 million shares, rising Rs9.41 to close at Rs189.74. It was followed by WorldCall Telecom with 25.4 million shares, losing Rs0.01 to close at Rs1.43 and Fauji Foods with 24 million shares, gaining Rs0.28 to close at Rs16.04. Foreign investors sold shares worth Rs2 billion, the National Clearing Company reported.
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