Bulls marched ahead on the trading floor of the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index surging past the historic 99,000 during the intraday trading on Friday morning.
According to the PSX website, the market opened with a bullish trend. The KSE-100 was hovering at 99,469.12 level at 11:20 am, up by 2140.73 points or 2.2% from the previous close of 97,328.39 points.
The benchmark index also touched its highest level of 99,623.03.
Buying activity was noted in sectors such as automobile assembler, cable & electrical goods, cement, commercial banks, and power generation & distribution. Stocks like BOP, HASCOL, FFL, KEL, and PIBTL showed positive trading trends.
The buying spree was attributed to easing investor concerns over the political protest planned for November 24.
On Thursday, the benchmark index closed at 97,328.39 points, up by 1,781 points or 1.86% from the previous close of 95,546.45 points.
The PSX has been on a winning streak for some weeks mainly supported by increased investor confidence and improved economic indicators. Last week, the stock market gained 1.6% WoW, closing at a record high of 94,763 points.
According to a recent report by Bloomberg, Pakistan’s stocks are expected to advance by more than a quarter by the end of next year 2025 as the nation’s economy shows improvement under a loan program with the IMF and the currency stabilizes.
The benchmark KSE-100 Index is forecast to increase to 127,000 points by December 2025, or a 34% rise, from the 94,704 points it closed last Friday, according to Topline Securities Ltd. In a report announced on November 16, Arif Habib Ltd. targets the index to reach at least 120,000 points.
“The stage is set for a potential market re-rating with declining interest rates, a stable rupee, and improving macroeconomic indicators,” Karachi-based brokerage Arif Habib commented in a report.
