The Pakistan Stock Exchange (PSX) marked an unprecedented milestone today as the KSE-100 index soared past the historic 168,000 level, closing at 168,489.63 points.
This sharp upward movement, which represented a gain of 2,849.29 points or 1.72%, was primarily fueled by aggressive investor activity in the banking sector.
The trading day reflected both optimism and volatility, as the index fluctuated between an intra-day high of 168,619.32 and a low of 165,567.22.
Market participation remained exceptionally strong, with nearly 776 million shares changing hands, signaling robust investor confidence. Overall, volumes on the All-Share Index reached 1.57 billion, while turnover amounted to Rs70.1 billion.
Much of the market’s upward momentum was attributed to improved macroeconomic signals, the release of corporate earnings, and fresh buying interest from foreign investors.
Market watchers also highlighted positive geopolitical indicators such as Pakistan’s evolving relations with the United States, its recent defence cooperation agreement with Saudi Arabia, and progress on energy sector reforms, all of which helped strengthen investor sentiment.
Banking stocks dominated Thursday’s session, collectively adding over 1,800 points to the index. Among the top gainers were Meezan Bank, United Bank, and Bank Al Habib, which posted impressive rallies of 8.65%, 3.08%, and 6.27% respectively. Other major banks, including HBL, NBP, MCB, BOP, FABL, and BAFL, also saw strong demand.
The Bank of Punjab led the volume board with 148.2 million shares traded, ending the day at Rs32.78 after climbing by Rs2.98.
Despite the bullish trend, a few stocks witnessed pressure from profit-taking, particularly Lucky Cement (-1.45%), Hub Power (-0.68%), and TPL REIT Fund (-6.02%). These declines trimmed the index’s overall gains by nearly 192 points, though not enough to dampen the positive market outlook.
Adding to the day’s financial developments, Fatima Fertiliser crossed a significant milestone with its market capitalization surpassing the $1 billion mark.
In contrast, Procter & Gamble announced its exit from Pakistan, stating that it would gradually wind down operations of both P&G Pakistan and Gillette Pakistan Ltd.
Meanwhile, macroeconomic data painted a mixed picture. Pakistan’s trade deficit widened to $3.34 billion in September compared to $2.87 billion in August. This was driven by a 14% rise in imports and an 11.7% year-on-year drop in exports. However, cement sales reflected improvement, climbing 7% year-on-year in September to 4.25 million tons.
By the end of the week, the KSE-100 index had advanced 3.84% on a week-on-week basis, with support levels now strengthening around the 166,000 mark. Analysts noted that continued interest from mutual funds and high net worth investors could sustain the upward rally in the near term.