The Pakistan Stock Exchange (PSX) closed at an all-time high on Wednesday as sustained buying, fuelled by improving economic indicators and market confidence, pushed the benchmark KSE-100 index sharply higher. The index soared 1,226.39 points, or 0.81%, to settle at 152,201.88 by the end of the session.
Momentum remained firm throughout the day, with the index climbing 1,830 points to the intra-day peak of 152,805, while the day’s low stood at 151,320. The consistent upward movement reflects growing investor participation and positive sentiment.
A big boost to the index came from the power generation & distribution sector, which added 411 points. However, a few sectors saw minor pullbacks. which included glass & ceramics, engineering, sugar & allied industries and cable & electrical goods.
Talking to The Express Tribune, AKD Securities Director Research Mohammed Awais Ashraf commented that encouraging corporate results along with higher sales of fertiliser, oil and cement in August and improvement in the country’s macroeconomic conditions overshadowed concerns over floods and above-average rainfall.
Among individual stocks, Hub Power contributed the most to the index due to a surprisingly high payout, while energy stocks were in the limelight on news of circular debt settlement, he said.
Ashraf expected the momentum to continue, supported by the room for further monetary easing on the back of lower inflation and declining commodity prices. However, economic losses from floods pose challenges.
Topline Securities mentioned in its market review that bulls kept marching firmly on Wednesday as the benchmark index surged to the intra-day high of 1,829 points before settling at 152,202, up 1,226 points (+0.81%).
Investor sentiment remained upbeat, largely driven by strong performance by different sectors. Cement companies were in the spotlight, fuelled by impressive sales. Industry dispatches rose 12% year-on-year (YoY) in August, reviving optimism across the board.
Similarly, the fertiliser sector drew heavy participation as urea sales spiked to 816,000 tons in August, up 46% YoY and 34% month-on-month. The sector drew strength from aggressive discounting by select manufacturers and potential dealer pre-buying ahead of the anticipated partial rollback in September, it said.
In the power sector, Hub Power announced 4QFY25 results, posting earnings per share of Rs9.16 and declaring a dividend of Rs10/share, higher than market expectations and taking the FY25 payout to Rs15/share.
Major support to the index came from Hub Power, Fauji Fertiliser, Oil and Gas Development Company, Mari Petroleum and Pakistan Petroleum, which together added 788 points to the day’s gains, Topline wrote.
Overall trading volumes dropped to 1.04 billion shares compared with Tuesday’s tally of 1.1 billion. Traded value stood at Rs51.3 billion.
Shares of 477 companies were traded. Of these, 242 rose, 204 fell and 31 remained unchanged. Pace (Pakistan) led the volumes with trading in 89.3 million shares, gaining Rs0.03 to close at Rs6.95.
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