Records tumble at PSX as buying rally continues

Buying momentum continued at the Pakistan Stock Exchange (PSX), fueled by a strong economic outlook and robust corporate earnings, with the benchmark KSE-100 Index closing at a new record high on Thursday.

Positive sentiment prevailed for most of the trading session, driving the KSE-100 Index to an intra-day high of 146,081.02.

At close, the benchmark index settled at 145,647.13, a new record high, following an increase of 558.64 points or 0.39%.

“The bullish momentum from previous sessions carried through, underpinned by strong institutional inflows—particularly from local mutual funds, as highlighted by NCCPL data,” brokerage house Topline Securities said in its post-market report.

The rally was largely fueled by index-heavyweights including PPL, HBL, EFERT, SYS, and OGDC, which collectively contributed 738 points to the index’s upward trajectory, it added.

On Wednesday, the PSX sustained its record-breaking rally as the KSE-100 Index soared by 2,051 points, or 1.43%, to settle at then all-time closing high of 145,088.50 points.

In a Prime Minister’s Office statement, PM Shehbaz Sharif expressed satisfaction as the stock exchange index surpassed the 145,000-point mark, signalling increased investor confidence in government policies.

PM attributed the surge in stock market activity to business-friendly reforms and said providing support for investment remains a top priority for his administration.

Asian equities rose on Thursday, with Japanese shares hitting a record high, as tech-led gains on Wall Street, upbeat earnings and growing expectations for U.S. rate cuts boosted sentiment.

The prospect of a meeting between U.S. President Donald Trump and Russian President Vladimir Putin over the war in Ukraine also underpinned sentiment, benefiting the euro, while weighing on oil prices as traders gauged the outlook for sanctions on Moscow.

At the same time, markets largely shook off Trump’s latest tariff threats, including an additional 25% tariff on India over purchases of Russian oil and a threatened 100% duty on chips.

Japan’s broad Topix index rose 0.9% to reach an all-time high, with the more tech-focused Nikkei also gaining by about the same margin.

Taiwan’s stock benchmark surged 2.3% to a more than one-year peak. South Korea’s KOSPI added 0.6%.

Hong Kong’s Hang Seng rose 0.4%, and mainland Chinese blue chips advanced 0.3%.

Meanwhile, the Pakistani rupee registered slight improvement against the US dollar, appreciating 0.04% in the inter-bank market on Thursday. At close, the currency closed at 282.56, a gain of Re0.11.

Volume on the all-share index decreased to 712.53 million from 788.46 million recorded in the previous close.

The value of shares rose to Rs55.68 billion from Rs52.78 billion in the previous session.

Pak Petroleum was the volume leader with 33.12 million shares, followed by WorldCall Telecom with 25.36 million shares, and Fauji Foods Ltd with 23.97 million shares.

Shares of 483 companies were traded on Thursday, of which 221 registered an increase, 235 recorded a fall, while 27 remained unchanged.