Karachi:Â The Pakistan Stock Exchange (PSX) witnessed a strong rebound on Thursday, as the benchmark KSE-100 Index surged by 881 points to close at 116,901.13, marking a 0.76% gain after a volatile start to the session.
The market opened on a cautious note, with early selling pressure pushing the index down to an intra-day low of 115,818.07. However, investor confidence returned in the latter half, propelling the index to an intra-day high of 116,901.13.
According to a post-market commentary by Topline Securities, investor sentiment was buoyed by the recent announcement of record-high remittances that contributed to a historic current account surplus of $1.2 billion in March. This brought the surplus for the first nine months of FY25 to $1.9 billion — a significant macroeconomic development fuelling optimism in equity markets.
Adding to the positive momentum, a Rs25 per bag increase in cement prices triggered a rally in cement stocks, further supporting the market’s recovery.
Heavyweight stocks including United Bank Limited (UBL), Pakistan State Oil (PSO), National Bank of Pakistan (NBP), Mari Petroleum (MARI), and Maple Leaf Cement Factory (MLCF) played a pivotal role in Thursday’s rally, collectively contributing 515 points to the index’s advance.
The gain comes a day after the PSX suffered a 755-point drop, underscoring the market’s ongoing sensitivity to both macroeconomic indicators and sector-specific news.
Separately, investor confidence was also buoyed by the extension of Kuwait’s oil credit facility to Pakistan for another two years — a move confirmed by Kuwait’s Ambassador during a meeting with Petroleum Minister Ali Pervaiz Malik on Wednesday. The development is seen as a positive for the country’s external account stability.
With key macro indicators showing improvement and select sectoral developments driving buying activity, analysts expect the KSE-100 to maintain a bullish tone in the near term, albeit with intermittent profit-taking.
