KSE-100 surges 1,425 points to all-time high on positive economic indicators

KARACHI: The Pakistan Stock Exchange (PSX) surged by 1,425 points on Thursday, closing at an all-time high amid positive economic indicators, including a slump in government bond cutoff yields and the receipt of an IMF tranche.

The benchmark KSE-100 index surged by 1,425.39 points, or 1.2 per cent, to 119,961.91 points, up from 118,536.53 points recorded in the last session. The highest index of the day remained at 119,990.3 points, while the lowest level was recorded at 118,871.13 points.

Analyst Ahsan Mehanti at Arif Habib Ltd said, “Stocks closed all-time high amid a slump in government bond cutoff yields by up to 90bps and the receipt of the $1 billion IMF tranche under the EFF.”

He said that rupee stability and speculations in the pre-budget session after IMF projections for higher revenue collection at Rs20 trillion ensuring sustainable debt servicing and higher growth at 3.6 per cent for FY26 played a catalytic role in the bullish close at the PSX.

The KSE-30 index increased by 479.29 points or 1.32 per cent to 36,773.01 points from 36,293.72 points.

Traded shares rose by 89 million shares to 698.965 million shares from 609.063 million shares. The trading value decreased to Rs39.089 billion from Rs41.913 billion. Market capital expanded to Rs14.385 trillion against Rs14.211 trillion. Of the 458 companies active in the session, 312 closed in green, 107 in red and 39 remained unchanged.

Maaz Mulla, an analyst at Topline Securities, said the bulls took charge of the local bourse as the market surged to new heights, fuelled by optimism surrounding upcoming budget announcements.

Refinery stocks ended the day in the green amid sector-specific developments. “The government is working to finalise a binding legal framework between OMCs and refineries, with key clauses like take-or-pay aimed at resolving ongoing disputes over product upliftment and HSD imports, a move expected to bring greater clarity and stability to the supply chain,” he said.

On the upside, heavyweights such as UBL, ENGRO, HUBC, EFERT, and MEBL led the charge, collectively contributing 656 points to the index.

The highest increase was recorded in PIA Holding Company Limited B, which rose by Rs1,029.56 to Rs11,325.15 per share, followed by Rafhan Maize Products Company Limited, which increased by Rs209.99 to Rs9,201.27 per share. A significant decline was noted in Hoechst Pakistan Limited, which fell by Rs104.90 to Rs3,155.10 per share; Bata Pakistan Limited followed it, which closed lower by Rs46.18 to Rs1,550 per share.

Muhammad Hasan Ather, an analyst at JS Global, said bulls dominated the PSX as investors preferred to take positions primarily in oil & gas sector over expectations of resolution of circular debt. “Apart from this, buying was also seen in fertilizer, refinery, and automobile stocks,” he said.

“Moving forward, updates related to the federal budget would drive the market sentiments,” he said. “We would advise investors to book profits at higher levels. However, any dip can be considered a buying opportunity mainly in oil and gas and refinery stocks.”

Pak Refinery remained the volume leader with 50.818 million shares, which closed higher by Rs2.68 to Rs33.82 per share. Cnergyico PK, with 47.57 million shares, followed it, which closed higher by 48 paisas to Rs7.85 per share.

Other significant turnover stocks included K-Electric Ltd, Kohinoor Spining, At-Tahur Ltd., Sui South Gas, Waves Corp Ltd, Pak Petroleum XD, BO Punjab and WorldCall Telecom. In the futures market, 318 companies recorded trading, 253 of which increased, 61 decreased and 4 remained unchanged.