PSX’s new high: KSE-100 Index settles above 145,000

There was no stopping the bulls at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index closing above the 145,000 level, a new record high, on Wednesday.

Positive momentum persisted throughout the trading session, pushing the benchmark index to an intra-day high of 145,187.17.

At close, the benchmark index settled at 145,088.49, an increase of 2,051.33 points or 1.43%.

Banking stocks remained the star performers as HBL, NBP, MEBL, and UBL collectively contributed 1,017 points to the benchmark. HBL and NBP hit their upper circuits during intraday trade, although mild profit-taking toward the close trimmed some gains, brokerage house Topline Securities said in its post-market report.

Analysts said the ongoing rally was fueled by bullish sentiment, encouraging macroeconomic indicators, and renewed investor confidence.

“Expectations of better corporate results” was driving the buying rally, Samiullah Tariq, Head of Research at Pak-Kuwait Investment, told Business Recorder.

On Tuesday, the PSX extended its historic rally with the KSE-100 Index soaring to yet another record high. The benchmark index climbed 985 points, or 0.69%, to close at an unprecedented 143,037.17.

Internationally, Asian shares slipped along with Wall Street on Wednesday, after weak US data highlighted the damage tariffs were having on economic activity and earnings, while the dollar struggled with the drag from lower bond yields.

US services sector activity unexpectedly flatlined in July, data showed on Tuesday.

Employment further weakened and input costs climbed by the most in nearly three years, underscoring the impact from President Donald Trump’s tariff policy.

Second-quarter earnings results also revealed pressure from Trump’s tariff wars. Taco Bell parent Yum Brands missed expectations as steep trade duties dent consumer spending, while Caterpillar warned that US tariffs would cost it up to $1.5 billion this year.

MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.2%, while Japan’s Nikkei eked out a small 0.2% gain.

Both Chinese blue chips and Hong Kong’s Hang Seng index were flat.

Nasdaq futures fell 0.3% and S&P 500 futures eased 0.1%.

Trump on Tuesday said it would announce tariffs on semiconductors and chips in the next week or so, while the US would initially impose a “small tariff” on pharmaceutical imports before increasing it substantially in a year or two.

He also said the US was close to a trade deal with China and that he would meet his Chinese counterpart Xi Jinping, before the end of the year if an agreement was struck. However, he threatened to further raise tariffs on goods from India over its Russian oil purchases.

After days of positive momentum, the Pakistani rupee registered a decline against the US dollar, depreciating 0.04% in the inter-bank market on Wednesday. At close, the currency settled at 282.67, a loss of Re0.10.

Volume on the all-share index increased to 788.46 million from 549.72 million recorded in the previous close.

The value of shares rose to Rs52.78 billion from Rs37.04 billion in the previous session.

B.O.Punjab was the volume leader with 67.55 million shares, followed by National BankXD with 49.13 million shares, and First Dawood Prop with 44.65 million shares.

Shares of 484 companies were traded on Wednesday, of which 264 registered an increase, 192 recorded a fall, while 28 remained unchanged.