PSX breaks 150k barrier, hits another record
Analysts remarked that bullish momentum from previous sessions continued, driven by strong institutional inflows, particularly in banking and cement sectors. Additionally, investor sentiment was bolstered by a positive economic outlook from both Fitch and Moody's and the government's attempts to settle the circular debt.
The sustained momentum propelled the KSE-100 index to the intra-day high of 150,323, before it closed at 149,770.75, an increase of 1,574.32 points, or 1.06%.
According to Ahsan Mehanti of Arif Habib Corp, stocks closed at an all-time high as investors weighed Fitch and Moody's robust economic outlook, with Fitch projecting growth of 3.5% for FY27. Additionally, the government's plans to cut Rs2.6 trillion worth of circular debt alongside upbeat data of exports, cement dispatches and rupee stability drove the PSX to the record close, he noted.
At the end of trading, the benchmark KSE-100 index recorded an increase of 1,574.32 points, or 1.06%, and settled at 149,770.75.
In its market review, Topline Securities remarked that the bullish momentum from previous sessions continued, driven by strong institutional inflows, particularly in banking and cement sectors. According to a Topline analyst, cement sales are gaining momentum in August and earnings could exceed expectations.
The sustained optimism propelled the benchmark KSE-100 index to intra-day high of 150,323, up 2,127 points, before it closed at an all-time high of 149,771, marking a net gain of 1,574 points, it said.
The rally was largely fuelled by index heavyweights including Bank AL Habib, UBL, Lucky Cement, Meezan Bank and Engro Corporation, which contributed 1,306 points to the index's upward trajectory.
In its commentary, Arif Habib Limited (AHL) stated that the KSE-100 witnessed another strong session, with the index unlocking 150,000 points intra-day. Some 60 shares rose while 40 fell, with Bank AL Habib (+10%), Lucky Cement (+4.13%) and Meezan Bank (+3.63%) contributing the most to index gains.
On the flip side, Fauji Fertiliser Company (-0.75%), Oil and Gas Development Company (-1.58%) and Hub Power (-1.38%) were the biggest drags, it said.
Systems Limited (-1.51%) announced its 1HCY25 earnings per share (EPS) of Rs3.52, an increase of 59%, which was in line with expectations. The increase was primarily driven by higher technology services' exports and improved gross margins, AHL noted.
Additionally, Pakistan State Oil (PSO) reported FY25 EPS of Rs45.11, an increase of 33% year-on-year, and dividend per share of Rs10, which was also in line with expectations.
Kot Addu Power Co and Fauji Foundation jointly submitted an offer to Pharaon Investment to buy its 84.06% stake in Attock Cement (-1.48%). Moreover, Oil and Gas Development Company (-1.58%) and Pakistan Petroleum (-1.57%), in separate meetings, approved an increase in pro rata funding commitment, including the project cost to $715 million.
"Near term support rises to 147,500-148,300 points, against which immediate gains are anticipated to continue," AHL concluded.
AHL Deputy Head of Trading Ali Najib remarked that the KSE-100 index sustained its bullish streak, briefly unlocking the 150k milestone intra-day before closing the session higher, reflecting renewed investor optimism. Macro developments also lent support as Fitch's improved outlook on Pakistan's banking sector boosted sentiment, citing stronger capital buffers, improving credit growth potential and a healthier macro backdrop, he stated.
Overall trading volumes increased to 809.1 million shares compared with Monday's tally of 610.3 million. Traded value stood at Rs48.4 billion. Shares of 483 companies were traded. Of these, 265 stocks closed higher, 194 dropped and 24 remained unchanged.
WorldCall Telecom was the volume leader with trading in 52.3 million shares, gaining Rs0.05 to close at Rs1.45. It was followed by The Bank of Punjab with 46.1 million shares, gaining Rs0.33 to close at Rs14.76 and Fauji Cement with 43.7 million shares, gaining Rs2.98 to close at Rs53.48. Foreign investors sold shares worth Rs488 million, the National Clearing Company reported.
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