Pakistan Stock Exchange reaches new record high as KSE-100 Index Surges Past 94,000 Points
The Pakistan Stock Exchange (PSX) witnessed a strong bullish trend this week, with the KSE-100 Index climbing to new record highs, fueled by positive developments in ongoing discussions between Pakistan and the International Monetary Fund (IMF). The index broke through the 94,000-point barrier on Thursday, surging by 713 points to close at 94,068 points, marking a historic milestone for the PSX.
Investor confidence soared early in the session, with the index reaching an initial high of 93,903 points, driven by hopes for an IMF agreement that could bring much-needed fiscal stability and support economic reforms. The upward momentum continued, with the index peaking at 94,217 points, reflecting strong optimism around Pakistan’s economic future.
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On Wednesday, the Federal Board of Revenue (FBR) assured the IMF that it would avoid implementing a mini-budget while committing to maintain an annual tax target of Rs12,970 billion. Additionally, the FBR confirmed that General Sales Tax (GST) would not be imposed on petroleum products, aligning with the Fund’s recommendations to ease fiscal pressures on essential commodities. These assurances contributed significantly to the market’s positive sentiment, with sources noting that the IMF expressed satisfaction with Pakistan’s improved tax-to-GDP ratio, which has risen from 8.8% to 10.3%.
Earlier in the week, the PSX experienced consolidation after a series of record highs, as profit-taking caused slight dips in the KSE-100 Index. On Wednesday, the index oscillated between 92,943 and 93,804 points before closing at 93,355 with a modest gain of 131 points, primarily driven by upbeat data on car sales, which surged 112% year-on-year in October.
Despite foreign investors selling shares worth Rs1.39 billion, the rally was supported by mutual fund purchases and strong activity in second and third-tier stocks. A report by Topline Securities noted that key contributors to the gains included Mari Petroleum, Lucky Cement, and The Searle Company, which collectively added 461 points to the index. In contrast, profit-taking in Oil and Gas Development Company, Fauji Fertiliser Company, and Meezan Bank shaved off 213 points from the index.
Notable corporate developments included Bank Alfalah’s withdrawal of its buy offer for Samba Bank following the Saudi National Bank’s decision to terminate its sale of a majority stake in Samba. Additionally, Rousch Power announced a negotiated settlement to end its power purchase agreement, originally set to expire in 2032, with payments expected until December 2024.
Trading volumes reached 807.1 million shares on Wednesday, with the value of shares traded amounting to Rs31.7 billion. Top traded companies included WorldCall Telecom, Waves Home Appliances, and Pakistan Refinery, with WorldCall Telecom leading the volume with 43.3 million shares.
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