KARACHI — Despite heavy urban floods in Karachi, the Pakistan Stock Exchange (PSX) witnessed continued bullish momentum on Wednesday, as the benchmark KSE-100 Index surged to a new all-time high, closing at 150,591.00 points, up 820.26 points or 0.55%. This marks another record-setting session for the market, with the index reaching an intraday high of 151,261.67.
Investor sentiment was driven by earnings optimism, stability in the Pakistani rupee, and strong institutional activity from both local and foreign investors. Key sectors, including banking, pharmaceuticals, and cement, witnessed positive activity, contributing to the KSE-100’s overall gains.
A notable development contributing to the market’s positive momentum was Moody’s recent upgrade of the long-term ratings for five of Pakistan’s major banks, including Allied Bank Limited, Habib Bank Ltd, MCB Bank Limited, National Bank of Pakistan, and United Bank Ltd. The rating upgrade was part of Moody’s decision to elevate Pakistan’s overall credit outlook, citing improved external conditions and progress under the IMF Extended Fund Facility program.
Market analysts have attributed the continued rise to improving macroeconomic conditions and stronger investor confidence. “The bullish trend is likely to persist,” noted Samiullah Tariq, Head of Research at Pak-Kuwait Investment. “With strong earnings growth, attractive valuations, and a stable currency outlook, equities have become the preferred asset class.”
Sector-wise, commercial banks, technology and communication, and pharmaceuticals emerged as key contributors to the market’s rise. At the same time, sectors such as fertilizers and oil and gas exploration companies faced some pullbacks, though they didn’t overshadow the overall upward movement.
Despite a volatile global market environment, with tech stocks facing a downturn in the U.S. and global markets under pressure, the PSX continued to show resilience. The Pakistani rupee also gained further ground, recording its ninth consecutive day of appreciation against the U.S. dollar. The rupee closed at 281.95, gaining Re0.01.
SCBPL (+10%), SEARL (+10%), and THALL (+9.84%) led the gainers’ list, while PGLC (-4.41%), GADT (-3.43%), and PKGP (-3.35%) were among the top losers.
In terms of trading volume, B.O. Punjab led with 52.29 million shares traded, followed by WorldCall Telecom and Fauji Foods Limited with 36.26 million and 33.61 million shares, respectively.
The All-Share Index closed at 92,682.88, posting a net gain of 527.10 points or 0.57%. Trading volume decreased to 667.82 million shares, down from 809.08 million in the previous session. The market’s total value was recorded at Rs40.73 billion, a decrease of Rs7.70 billion compared to the last trading day.
With global markets facing challenges, the PSX’s performance on Wednesday reflects strong domestic fundamentals and growing investor optimism in Pakistan’s market, positioning the KSE-100 Index as a strong performer amidst global uncertainty.
