Pakistan stocks hit record high as army chief backs economy — analysts
The benchmark KSE-100 index gained 1,202.03 points, or 0.87 percent, to close at a record 139,419.61, up from the previous close of 138,217.58.
The rally followed a widely reported meeting between business leaders and army chief Field Marshal Asim Munir on Sunday, during which he reportedly pledged the military's backing for Pakistan's economic revival. The delegation included representatives of the All Pakistan Textile Mills Association, the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and the Lahore Chamber of Commerce and Industry (LCCI).
The army has not confirmed the meeting, but it was reported by nearly all major Pakistani media outlets.
Investors also reacted positively to the government's Senate gains and expectations of strong upcoming corporate earnings.
'Stocks closed at a new all-time high after business leaders' meetup with Field Marshal Asim Munir assured military's support for economic progress,' said Ahsan Mehanti, CEO of Arif Habib Commodities.
Pakistan's ruling coalition, led by Prime Minister Shehbaz Sharif, also achieved a significant political victory by securing a two-thirds majority in the Senate, following the Khyber-Pakhtunkhwa assembly elections, which Mehanti said had also helped the market.
Market heavyweight stocks including Engro Corporation (ENGROH), Habib Bank Limited (HBL), Fauji Fertilizer Company (FFC), Engro Fertilizers (EFERT), Pakistan Petroleum Limited (PPL), and Oil and Gas Development Company (OGDC) collectively contributed 1,142 points to the index.
According to a market note from Topline Securities, the bullish momentum was driven by renewed investor confidence.
'This wave of optimism helped paint a bullish picture across the board, setting the tone for a potentially upbeat week ahead,' the brokerage house said.
Trading volume remained strong, with 627 million shares changing hands and total turnover reaching Rs34.6 billion. First Dawood Properties Limited (FDPL) led the volume chart with 44 million shares traded.
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