PSX hits fresh high amid banking frenzy | The Express Tribune
Key Takeaways
- The KSE-100 index closed at a record high of 168,489.63, surging by 2,849.29 points (1.72%) on Thursday.
- The banking sector was the main driver of the rally, contributing over 1,800 points to the index's gain.
- Investor participation was robust, with trading volumes crossing 1.57 billion shares and value exceeding Rs70 billion.
- The rally was attributed to improving macroeconomic stability, strong corporate earnings, and renewed investor confidence.
- Despite the overall surge, foreign investors were net sellers, and some heavyweight stocks experienced profit-taking.
The Pakistan Stock Exchange (PSX) experienced a strong closing on Thursday, pushing the benchmark KSE-100 index up by about 2,850 points to settle at a record high near 168,500, representing a 1.72% daily gain. The primary driver behind this bullish momentum was aggressive buying within the banking sector, with major contributors including Meezan Bank, UBL, and Bank AL Habib, collectively adding over 1,800 points to the index. Market analysts attributed the rally to improving macroeconomic stability, strong corporate earnings, and ample liquidity boosting investor confidence, with mutual funds also providing significant support. While the banking sector soared, profit-taking in select heavyweights like Lucky Cement and Hubco moderately trimmed the overall gains. In related economic news, Pakistan's trade deficit widened in September, though the cement sector showed resilience with a 7% year-on-year sales increase, contrasting with Procter & Gamble's announcement to discontinue operations in the country. Heading into the final session, the KSE-100 index stood 3.84% higher week-on-week, maintaining strong bullish momentum.
