KARACHI: The Pakistan Stock Exchange (PSX) maintained its strong upward momentum during the week ended October 3, 2025, with the KSE-100 Index closing at an all-time high of 168,990.06 points, marking a 4.1 percent week-on-week (WoW) increase.
According to JS Global Capital, this represents the best nine-month performance since 2009, fuelled by continued investor optimism, sectoral strength, and improving macroeconomic indicators. The BRIndex100 gained 800.29 points to close at 17,712.26, while the BRIndex30 jumped 1302.82 points to 52,343.51. Average daily turnover stood at 1238.37 million shares for BRIndex100 and 895.32 million shares for BRIndex30.
Market capitalization of the PSX rose 3.2 percent to Rs19,660.88 billion, equivalent to USD69.90 billion, compared with Rs19,042.41 billion (USD 67.68 billion) the previous week.
Trading remained active though slightly below the previous week. The ready board average daily turnover stood at 1.48 billion shares, down 11.2 percent from 1.67 billion, but the average daily traded value increased sharply by 20.3 percent, reaching Rs72.21 billion (USD 256.71 million) compared with Rs60.03 billion (USD213.33 million) earlier.
Major buying was recorded by mutual funds and individuals, with net purchases of US$47.9 million and USD34.3 million, respectively.
The largest net sellers were insurance companies, banks, and development financial institutions (DFIs), which collectively sold USD71.4 million, including USD30.3 million by insurers, USD21.9 million by banks, and USD19.2 million by DFIs.
Sector-wise, banks led the weekly rally with a 9.3 percent rise, followed by fertilizers (7.7 percent), refineries (7.4 percent), oil marketing companies (5.3 percent), and technology and communication (4.1 percent), according to JS Research.
Other performing sectors included automobiles (3.3 percent), chemicals (2.6 percent), exploration and production (1.4 percent), power generation and distribution (1.2 percent), cement (0.3 percent), and pharmaceuticals (0.1 percent).
Minor sectoral declines were recorded in food (-0.4 percent), engineering (-0.7 percent), and textile composite (-2.7 percent).
Cement sector data released shows that dispatches reached 4.5 million tons in September 2025, reflecting a 7 percent YoY increase. For the first quarter of FY26, cumulative dispatches stood 16 percent higher year-on-year.
AKD Securities noted that offtakes for oil marketing companies during September were 4.25 million tons, up 7 percent year-on-year and 14 percent quarter-on-quarter, while domestic sales rose 8 percent to 1.4 million tons.
In the KSE-100 Index, leading gainers of the week included The Bank of Punjab (BOP), which surged 24.9 percent to Rs33.50, followed by Sazgar Engineering Works Limited (SAZEW), which advanced 15.1 percent to Rs1,980.06. Faysal Bank Limited (FABL) increased 13.9 percent to Rs93.88, Youw Group (YOUW) rose 13.5 percent to Rs6.79, and Fatima Fertilizer Company Limited (FATIMA) gained 13.4 percent to Rs144.11. National Bank of Pakistan (NBP) closed 12.4 percent higher at Rs216.61, and Meezan Bank Limited (MEBL) climbed 11.6 percent to Rs459.30.
Among laggards, Hum Network Limited (HUMNL) fell 11.5 percent to Rs15.13, Nishat Power Limited (NPL) declined 10.6 percent, Rafhan Maize Products Limited (RMPL) dropped 6.6 percent to Rs9,809.84, Millat Tractors Limited (MTL) eased 6.4 percent to Rs520.47, and Pioneer Cement Limited (PIOC) fell 5.7 percent to Rs238.39.
JS Global observed that investor confidence was reinforced after Pakistan successfully repaid a US$500 million Eurobond, with another USD1.3 billion payment scheduled for April 2026, easing immediate concerns over external repayments.
Market momentum was further supported by investor optimism following the meeting between Pakistan’s Prime Minister and the US President at the White House, which investors viewed as a signal of strengthening bilateral relations and improved geopolitical standing.
Moreover, the Consumer Price Index (CPI) for September 2025 registered at 5.6 percent year-on-year (YoY), taking first-quarter FY26 inflation to an average of 4.2 percent, among the lowest quarterly readings in recent years.
However, fiscal challenges persisted, with the Federal Board of Revenue (FBR) missing its 1QFY26 tax collection target by about Rs200 billion, achieving Rs2.88 trillion against the Rs3.08 trillion goal.
The Pakistan Bureau of Statistics (PBS) reported that the trade deficit widened 46 percent YoY to USD3.3 billion in September, taking the first-quarter FY26 cumulative trade deficit to USD9.3 billion.
In the domestic money market, the government mobilized Rs730 billion in the latest Treasury bill auction, with yields on 3-, 6-, and 12-month papers rising by 41, 20, and 21 basis points respectively. The State Bank of Pakistan’s foreign exchange reserves inched up by US$21 million week-on-week to reach US$14.4 billion.
On the currency front, AKD Securities reported that the Pakistani rupee appreciated by 0.048 percent against the US dollar during the week, closing at Rs281.26 per dollar in the interbank market.
In its market commentary, AKD Securities said that it foresees “the momentum in the KSE-100 to continue given smooth completion of the IMF second review, minimal flood impact, and improved credit ratings by global agencies amid falling fixed-income yields.” The firm added that investor sentiment is likely to improve further “on the likelihood of increased foreign portfolio and direct investment flows driven by improved relations with the United States and Saudi Arabia.”
Copyright Business Recorder, 2025