The Pakistan Stock Exchange (PSX) continued its record-breaking rally as its benchmark KSE-100 Index closed Tuesday’s session above 147,000, another all-time high.
The KSE-100 started the session with a strong buying spree, hitting an intra-day high of 147,976.98, followed by selling in the latter hours, which erased most of the earlier gains.
However, at close, the benchmark index still managed to closed above 147,000 for first time in history. It settled at 147,005.32, up by 75.48 points or 0.05%.
Positive momentum in BAFL, HBL, and SYS provided a combined uplift of 295 points, offering partial reprieve against broader market weakness. In contrast, significant downward pressure stemmed from FFC, MARI, OGDC, PSO, and BAHL, which together shaved off 527 points from the benchmark, brokerage house Topline Securities said in its post-market report.
Analysts attributed the investor optimism to encouraging corporate earnings and reports of upcoming US investments in Pakistan’s energy sector.
In an informal discussion upon his return from the United States, Finance Minister Muhammad Aurangzeb said that Pakistan will soon receive encouraging news of substantial investments across various sectors from the US.
The minister described the trade talks with the US as a major success for the country, noting that Pakistan is moving in the right direction and the results will be visible soon.
On Monday, the bulls stamped their authority on the PSX, as the benchmark KSE-100 Index surged 1,547.05 points, or 1.06%, to close at 146,929.84.
Globally, most Asian stocks rose on Tuesday, buoyed by an extension of a tariff truce between the world’s two largest economies, while Japanese shares hit an all-time peak, powered by tech shares after returning from a long weekend break.
US President Donald Trump extended a tariff truce with China by another 90 days on Monday, staving off triple-digit duties on Chinese goods, a move that was largely expected by investors and markets.
Investor sentiment in recent weeks has been supported by expectations of rate cuts by the US Federal Reserve, resilient US corporate earnings, and clarity on US trade levies on trading partners.
Japan’s Nikkei climbed to a record high and was last up 2% as the country’s markets reopened after a public holiday on Monday, tracking other global indices this year.
Australia’s benchmark index also hit a record high, ahead of a monetary policy meeting at which the central bank is widely expected to cut interest rates.
That left MSCI’s broadest index of Asia-Pacific shares outside Japan a tad higher. China’s blue-chip stocks were flat while Hong Kong’s Hang Seng index eased 0.1% in early trading.
Meanwhile, the Pakistani rupee maintained its upward momentum against the US dollar, appreciating 0.01% in the inter-bank market on Tuesday. At close, the currency settled at 282.42, a gain of Re0.03.
Volume on the all-share index increased to 691.66 million from 611.21 million recorded in the previous close.
The value of shares rose to Rs44.58 billion from Rs44.00 billion in the previous session.
Yousuf Weaving was the volume leader with 46.27 million shares, followed by Kohinoor Spining with 39.95 million shares, and Invest Bank with 34.39 million shares.
Shares of 482 companies were traded on Tuesday, of which 208 registered an increase, 242 recorded a fall, while 32 remained unchanged.
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