Key Points
- KSE-100 Index surges 1,043 points to all-time high of 159,280.09
- Market capitalization rises to Rs18.79 trillion
- Traded volume at 1.67bn shares worth Rs55.27bn, 493,519 deals
- Govt inks Rs1.225trn debt deal with banks, lifting power sector stocks
ISLAMABAD: The Pakistan Stock Exchange (PSX) powered to hit a fresh record close on Thursday as investor sentiment was buoyed by a landmark financing agreement aimed at easing the crippling circular debt in the power sector.
The development triggered widespread buying across energy, banking, and index-heavy stocks, taking the benchmark index to its highest-ever level.
According to official data released by the bourse, the KSE-100 Index soared 1,043.42 points, or 0.66 per cent, to settle at 159,280.09, after touching an intra-day peak of 159,537.60. The broader All-Share Index advanced 396.36 points to 97,959.75, while the KSE-30 Index climbed 423.11 points to 48,658.32. The PSX summary showed that market capitalisation increased to Rs18.79 trillion, compared with Rs18.69 trillion in the previous session.
Turnover remained robust. The daily market bulletin confirmed that the regular market registered 1.67 billion shares traded with a total value of Rs 55.27 billion across 493,519 transactions. Futures contracts added further momentum, with activity concentrated in blue-chip scrips. In terms of participation, 208 companies closed higher, 237 declined, while 41 remained unchanged.
Among the most active scrips were K-Electric Ltd., WorldCall Telecom, Bank of Punjab, Cnergyico PK Ltd., Arif Habib Corporation, and Oil and Gas Development Company (OGDC). Market watchers said that buying interest was particularly strong in power and energy stocks following the government’s agreement with a consortium of 18 banks on a Rs 1.225 trillion financing facility, according to a Finance Ministry press release. The facility, structured to be serviced through the existing Debt Service Surcharge (DSS), is expected to reduce liquidity pressures in the sector without directly hiking tariffs.
Analysts told Dawn that the deal addressed one of the biggest overhangs on the economy and the energy chain, improving investor risk appetite in the short term. However, they cautioned that sustainability would depend on timely reforms and stability in the external sector. “The market’s forward trajectory will be linked not just to domestic measures but also to the upcoming IMF review and the exchange rate outlook,” a Karachi-based brokerage analyst told Business Recorder.
International Market Glimpse: Global equities were mixed on Thursday as Asian markets paused after recent rallies. MSCI’s Asia-Pacific index slipped marginally, while Japan’s Nikkei extended monthly gains. Oil prices steadied due to ‘supply concerns’, and bullion hovered near record levels as investors awaited cues from U.S. Federal Reserve officials, Reuters reported.
Local Currency Market Glimpse: In the domestic market, the rupee held largely steady against the U.S. dollar. According to interbank figures cited by Business Recorder, the local unit closed around Rs 282 per dollar, with marginal variation in the open market. Currency dealers noted that steady remittance inflows and reserve stability provided support, though upcoming external payments and IMF conditionalities could sway near-term direction.
Outlook: Market gains are expected to stay tied to policy execution and external account stability, with both PSX momentum and rupee direction hinging on IMF signals and global market cues.
