New record: KSE-100 settles above 94,000 amid buying momentum

A buying momentum, led by index-heavy energy and banking stocks, was witnessed at the Pakistan Stock Exchange (PSX) with the benchmark KSE-100 Index closing above 94,000 level for the first time in history on Thursday.

A strong buying spree continued throughout the session at the KSE-100, pushing the index to a record intra-day high of 94,289.97.

At close, the benchmark index settled at 94,191.89, an increase of 836.47 points or 0.9%.

Experts said positive macroeconomic indicators including lower interest rates and controlled trade deficits are providing positive momentum to the market.

In a key development, the Finance Division apprised the International Monetary Fund (IMF) team led by its mission chief Nathan Porter on debt, external financing and rollover of around $12.5 billion from friendly countries, well-placed sources revealed to Business Recorder.

The ongoing discussions with the IMF will also likely drive market sentiment.

Buying was observed in key sectors including commercial banks, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks including MCB, MEBL, NBP, HUBCO, MARI, OGDC, PPL and SSGC traded in the green territory.

On Wednesday, the PSX witnessed a mixed trend and oscillated both ways during the trading session. The benchmark index gained 130.86 points or 0.14% and settled at 93,355.43 points.

Bank Alfalah Limited (BAFL), one of Pakistan’s largest commercial banks, withdrew its public announcement of intention (PAI) to acquire a majority stake in Samba Bank Limited.

The development came following Saudi National Bank (SNB) decision to terminate plans to divest its stake in Samba Pakistan.

Sazgar Engineering Works Limited (SAZEW), a Pakistani auto manufacturer, announced plans to purchase land valued at approximately Rs1.54 billion “to meet future business requirements”.

The listed company shared the development in a notice to the PSX on Thursday.

Globally, weak China markets dragged broader Asian shares lower on Thursday, while longer-dated US bond yields rose alongside the dollar as investors assessed the monetary policy and inflation outlook in the world’s largest economy.

Bitcoin steadied above $90,000 after having surpassed that level in the previous session, turbocharged by Donald Trump’s return to the White House and the view that his administration will be a boon for cryptocurrencies.

The world’s largest cryptocurrency last traded 1.7% higher at $90,151, having already soared more than 30% on a two-week rolling basis.

Trump’s plan for lower taxes and higher tariffs are expected to stoke inflation and reduce the Fed’s scope to ease interest rates.

Meanwhile, the Pakistani rupee registered a marginal improvement against the US dollar, appreciating 0.04% in the inter-bank market on Thursday. At close, the currency settled at 277.74, a gain of Re0.11 against the greenback.

Volume on the all-share index jumped to 1,084.34 million from 807.07 million on Wednesday.

The value of shares rose to Rs32.68 billion from Rs31.69 billion in the previous session.

WorldCall Telecom was the volume leader with 177.39 million shares, followed by Hascol Petrol with 59.22 million shares, and Treet Battery Ltd with 47.94 million shares.

Shares of 465 companies were traded on Thursday, of which 262 registered an increase, 147 recorded a fall, while 56 remained unchanged.