PSX surges past 185k to new record high

Institutional and fund buying, monetary easing talk drive KSE-100 up by 2,654 points

KARACHI:

Bullish momentum strengthened at the Pakistan Stock Exchange (PSX) on Tuesday as aggressive buying drove the benchmark KSE-100 index above the 185,000 barrier, which marked another historic high with the addition of over 2,600 points.

Investor confidence remained robust, influenced by expectations of further monetary easing later in January, macro stability and notable stock purchases by mutual funds and institutions.

The index touched the intra-day high of 185,481 towards the close of trading as the market moved upwards steadily after touching the day's low of 181,182 earlier in the session. At close, the KSE-100 index recorded a gain of 2,653.87 points, or 1.45%, and settled at 185,062.11.

Buying interest was broad-based, where strong participation was seen across key sectors. On the energy front, oil production increased by 0.9% week-on-week to 64,709 barrels per day, while gas production rebounded to 2,836 mmcfd, supported by higher output from Mari, Uch, Qadirpur and Sui fields. Gas volumes had earlier been impacted by annual turnaround at FFC's plant-II and subdued power-sector demand.

In another key development, United Bank Limited emerged as the largest listed company on the PSX, with its market capitalisation surpassing Rs1.29 trillion ($4.6 billion), overtaking Oil and Gas Development Company.

JS Global analyst Nawaz Ali said bulls continued to dominate the PSX with the index closing at a new all-time high as investors remained optimistic about the potential rate cut in the upcoming monetary policy while buying from funds and institutional investors also kept the bulls on the driving seat. Major contributions came from banking stocks where MCB Bank, UBL, Meezan Bank and HBL contributed 1,592 points, he said.

KTrade Securities, in its market wrap, noted that the PSX sustained its bullish momentum, closing the session firmly in the green as the KSE-100 index advanced 2,654 points to settle at 185,062.

The rally remained broad-based and orderly, which reflected continued investor confidence amid improving macro conditions. All-share volumes stood at a healthy 1.3 billion shares, indicating sustained participation and liquidity, it said.

Sector-wise, commercial banks led the charge, supported by cement firms and investment banking companies. Heavyweights including MCB Bank, United Bank, Meezan Bank, Hub Power, Habib Bank, Lucky Cement, Engro Holdings, National Bank and Attock Refinery added the bulk of points, KTrade added.

Ismail Iqbal Securities commented that the benchmark index closed on a high note, once again posting fresh all-time highs both intra-day and at market's close, as CY26 began on a strong footing.

Liquidity-driven buying, continued asset class conversion and upbeat investor sentiment kept the rally firmly intact. Ultimately, the index gained 2,654 points to close at 185,062. Commercial banks, cement and technology & communication sectors were the major contributors, adding a cumulative 2,330 points to the index, it said.

Taurus Securities mentioned that the KSE-100 index gained over 11,000 points (+6.3%) in four sessions since the start of CY26, rising from 174,054 to 185,062. Overall trading volumes decreased to 1.3 billion shares compared with Monday's tally of 1.4 billion. The value of traded shares stood at Rs85.3 billion.

Shares of 485 companies were traded. Of these, 238 closed higher, 218 fell and 29 remained unchanged.

K-Electric led the volumes chart with trading in 109.6 million shares, rising Rs0.22 to close at Rs6.56. It was followed by The Bank of Punjab with 80 million shares, falling Rs0.86 to close at Rs42.23 and Pakistan International Bulk Terminal with 62.3 million shares, losing Rs0.34 to close at Rs21.44. Foreign investors bought shares worth Rs1.1 billion, according to NCCPL.