PSX soars to record high as KSE-100 tops 91,800 points

Pakistan Stock Exchange (PSX) continued its record-breaking streak on Wednesday, with the KSE-100 index reaching a fresh all-time high of 91,872.63 points during intra-day trading.

This marks a 0.74% increase, or 672.64 points, from its previous close of 90,864.09, setting a new benchmark in the Pakistani stock market's history.

The market opened strong and climbed to an early peak of 91,872.63 before dipping slightly to 91,368.19.

An intra-day decline was recorded in the early hours, with the KSE-100 index hitting 91,250.12 at around 10:40am.

The unprecedented milestone came on the heels of Tuesday’s remarkable rally when the index surged by over 650 points to close at an all-time high of 90,864.09.

Investors have shown heightened optimism, driven by strong corporate earnings and speculation surrounding a potential policy rate cut by the State Bank of Pakistan (SBP) anticipated early next week.

Tuesday’s session saw initial declines, with the KSE-100 hitting an intra-day low of 90,449.41 points before rebounding to an intra-day high of 91,358.15, breaking the 91,000-point barrier for the first time in the exchange’s history.

The index eventually settled just below this milestone.

Analysts attributed Tuesday’s gains to foreign interest in banking and fertilizer stocks, as well as institutional buying in response to favorable lending conditions.

“Stocks reached a new all-time high as investors weighed robust financial results and speculated about an imminent SBP policy rate reduction,” said Ahsan Mehanti, Managing Director of Arif Habib Corp.

Key contributors on Tuesday included companies such as Fauji Fertiliser, Systems Limited, and Cherat Cement, which collectively added over 500 points to the index, according to Topline Securities.

Trading volumes also increased, with 602.8 million shares traded compared to 567.3 million on Monday.

As trading continued into Wednesday, the KSE-100 surged to another peak, driven by optimism from the previous session’s rally and renewed investor interest in cement, technology, and energy stocks.

"The market’s positive performance is primarily driven by robust corporate earnings and sustained institutional buying," stated a report by Topline Securities, reinforcing the bullish momentum in the PSX.

Overall trading volumes increased to 602.8 million shares compared with Monday's tally of 567.3 million. The value of shares traded during the day was Rs28.2 billion.

Shares of 440 companies were traded. Of these, 171 stocks closed higher, 219 fell and 50 remained unchanged.