PSX rally continues as KSE-100 settles at new high

Bulls continued to make further inroads at the Pakistan Stock Exchange (PSX) with the benchmark KSE-100 Index closing the Thursday’s session at a new record high.

During trading, the KSE-100 hit an intra-day high of 131,325.10.

At close, the benchmark index settled at 130,686.66 level, an increase of 342.63 points or 0.26%.

Analysts attribute the market’s record-breaking trajectory to aggressive institutional buying, strong earnings expectations and positive macroeconomic indicators.

The index faced downward primarily due to negative contributions from BAHL, MCB, MEBL, HBL, and MTL, which collectively eroded 493 points. Conversely, notable gains in OGDC, UBL, and HUBC partially offset the decline, contributing a cumulative 353 points, brokerage house Topline Securities said in its post-market report.

On Wednesday, the PSX delivered a historic performance, surpassing the psychological milestone of 130,000 points for the first time ever. The KSE-100 Index soared by 2,144 points or 1.67% to settle at 130,344 points.

Globally, Asian shares edged higher on Thursday as investors braced for a key US jobs report that may justify imminent rate cuts by the Federal Reserve and waited on the passage of a massive US tax and spending bill in Congress.

Wall Street climbed overnight to close at new record highs after President Donald Trump announced that the US has struck a trade deal with Vietnam, including a 20% tariff on exports to the US. That fuelled hopes that more deals will be forthcoming, with negotiations underway for a trade agreement with India.

The MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.2% to hover just below a near four-year top. Japan’s Nikkei was flat.

China’s blue chips edged up 0.2%, while Hong Kong’s Hang Seng index fell 0.6% after data showed China’s services activity expanded at the slowest pace in nine months in June.

Both Nasdaq futures and S&P 500 futures were little changed in Asia. Investors were waiting for Trump’s massive tax and spending bill to pass the House of Representatives for possible final approval.

The bill is expected to add $3.3 trillion to the national debt, slash taxes and reduce social safety net programs.

Meanwhile, the Pakistani rupee improved against the US dollar, appreciating 0.03% during the interbank market on Thursday. At close, the currency settled at 283.86, a gain of Re0.09.

Volume on the all-share index decreased to 899.85 million from 1,026.12 million recorded in the previous close.

The value of shares declined to Rs43.25 billion from Rs49.29 billion in the previous session.

WorldCall Telecom was the volume leader with 49.45 million shares, followed by Image Pakistan with 36.65 million shares, and B.O.Punjab with 35.06 million shares.

Shares of 468 companies were traded on Thursday, of which 216 registered an increase, 236 recorded a fall, while 16 remained unchanged.