PSX nears record high as KSE-100 gains over 900 points

KARACHI: The Pakistan Stock Exchange (PSX) witnessed a rollercoaster ride on Thursday, the second last trading day of the week, as the benchmark KSE-100 index swung between sharp gains and quick corrections but remained comfortably in the green by mid-session.

The stock market opened on a strong note, building on Wednesday’s upward momentum. Within the first few minutes of trade, the KSE-100 jumped 798.68 points to reach 159,035.35 by 9:35 AM, backed by active volumes of around 39.66 million shares. The upbeat start suggested that investors were keen to ride the bullish wave.

However, profit-taking soon kicked in. By 9:45 AM, the index gave up most of its early gains and dropped to 158,297.43. Even so, it was still up by 60.76 points compared to the previous day’s close, with trading volumes rising sharply to 116.66 million shares, showing that activity remained robust.

The dip proved temporary as buyers returned, pushing the index back towards highs. By 10:38 AM, the KSE-100 stood at 158,981.38, up 744.71 points on volumes crossing 310.85 million shares. The bullish momentum continued into late morning, with the index touching a fresh intraday high of 159,171.80 at 11:33 AM, representing a surge of 933.96 points.

At 11:39 AM, the KSE-100 index was holding at 159,147.63, higher by 910.96 points or 0.58 percent compared to Wednesday’s close of 158,236.67. By this time, trading volumes had swelled to 394.28 million shares, underscoring strong market participation.

Intraday performance

So far during the session, the market’s day range has been between a low of 158,297.43 and a high of 159,171.80. The broader trend also reflects resilience. On a one-year basis, the KSE-100 has more than doubled, up by 93.50 percent, while the year-to-date gain stands at 38.24 percent.

In a broader perspective, the 52-week range shows how far the market has come. From a low of 80,352.22, the index has rallied to an all-time high of 159,337.46, reflecting investor confidence in equities despite economic challenges.

Top advancers and decliners

Among individual stocks, several stood out for strong intraday performances. Top gainers included FANM, which rose 11.31 percent to Rs9.84, FIBLM up 10.04 percent at Rs13.15, and DSIL higher by 10.02 percent at Rs13.94. KOHP, DINT, IDSM, INKL, DMC, FPRM, and ORM also featured in the list of top advancers, all rising close to 10 percent.

On the other hand, selling pressure weighed on certain counters. AMBL slipped 9.67 percent to Rs10.65, PPVC fell 9.17 percent to Rs18.02, and SCL dropped 6.33 percent to Rs431.00. Other notable losers included SERT, ICCI, RCML, and POWERPS, which saw declines ranging from 4 to 6 percent.

KSE-100 constituents

Within the KSE-100 index, banks, energy, and cement stocks provided notable support. The Bank of Punjab (BOP) gained 5.71 percent to trade at Rs26.31, while Cnergyico (CNERGY) surged 4.99 percent to Rs9.04 on heavy volumes exceeding 136 million shares.

Blue-chip names also helped keep the index in positive territory. Hub Power (HUBC) advanced 3.53 percent to Rs223.30, Engro Fertilisers (EFUG) gained 2.67 percent to Rs124.49, and Searle Company (SEARL) rose 2.43 percent to Rs119.60. Airlink, Bestway Cement (BWCL), and Habib Bank Limited (HBL) also posted healthy gains between 1.5 to 2.5 percent.

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Meanwhile, some KSE-100 heavyweights witnessed mild declines. FrieslandCampina Engro (FCEPL) fell 2.08 percent to Rs89.25, while Pakistan Telecommunication Company (PTC) dropped 1.22 percent to Rs25.85. Haleon (HALEON), Nishat Mills (NML), and Attock Petroleum (ATLH) also edged lower, trimming a small portion of the index’s overall gains.

Wednesday’s recap

The gains on Thursday come after a steady performance on Wednesday, when the KSE-100 index closed at 158,236.67, up 291.65 points or 0.18 percent. That session saw the index touch an intraday high of 159,046.60 and a low of 158,133.30.

Trading activity was strong, with volumes crossing one billion shares. Among KSE-100 companies, 40 closed higher, 55 ended in the red, and five remained unchanged. K-Electric (KEL) led the gainers with a jump of 12.84 percent, while Pakistan Petroleum (PPL) rose 4.33 percent and Hub Power (HUBC) climbed 2.75 percent. On the flip side, TPL RF1, HGFA, and TGL featured among the worst performers.

Sector-wise, oil and gas exploration companies, power generation, and banks drove Wednesday’s gains, while fertiliser, technology, and marketing companies dragged on the index.

Market outlook

The market’s strong intraday performance on Thursday, coupled with the steady climb seen in recent weeks, signals sustained investor interest. Analysts point out that improving liquidity, corporate earnings, and optimism over macroeconomic stability have helped fuel the rally.

With the KSE-100 brushing against record highs, traders are closely watching whether the index can maintain momentum and close the week above the 159,000 level.

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