The Pakistan Stock Exchange (PSX) witnessed a robust buying spree on Thursday, pushing the benchmark KSE-100 Index beyond the 108,000 mark during intraday trading. By closing time, the index had surged to 108,238.96 points, gaining 3134.7 points or almost 3%.
Investor enthusiasm was broad-based, with heavy buying in key sectors such as oil and gas exploration, power generation, OMCs, refineries, fertilizers, and commercial banks. Market giants like Mari Petroleum, Hub Power Company, Pakistan State Oil, and National Bank of Pakistan saw notable gains, fueling the upward momentum.
This bullish trend is largely driven by expectations of an interest rate cut in the upcoming Monetary Policy Committee (MPC) meeting scheduled for December 16, 2024, further bolstered by strong local institutional participation and high trading volumes.
On Wednesday, the index had closed at 105,104.34 points, up 545.26 points as optimism continued to build around potential monetary easing.
While the KSE-100 Index recorded significant gains, the broader market also reflected positive sentiment, with the All-Share Index rising 1924 points to close at 68,184.6 points.
“The PSX achieved another milestone as market activity surged to a 19 year high, with a traded value of Rs 63.0 billion ($227 million),” said Arif Habib Limited (AHL) in a note.
“This marks the highest activity in the regular market since 17-Apr-2006,” it added.
Global markets in Asia, meanwhile, faced continued selling pressure amid investor concerns over potential U.S. tariff hikes by the incoming Trump administration, which could disrupt regional export flows. However, analysts remain optimistic that PSX’s local fundamentals and anticipated monetary easing could sustain its upward trajectory despite external challenges.
