PSX opens strong as S&P upgrade lifts investor sentiment 

KARACHI: The Pakistan Stock Exchange (PSX) kicked off Friday’s session with a strong rally, buoyed by the news that S&P Global had upgraded the country’s sovereign credit rating to ‘B-’ from ‘CCC+’. The revised outlook, now marked ‘stable’, sparked investor confidence, lifting the KSE-100 Index by over 700 points in the opening hour.

By 10:06am, the benchmark index had climbed to 139,417, up 724 points from the previous close of 138,692.66. The rally was driven by active buying in key sectors, including banking, automobiles, oil and gas exploration, and power generation. Heavyweights such as HUBCO, OGDC, PPL, MARI, ARL, and SNGPL traded firmly in the green.

S&P’s upgrade, announced on Thursday, cited improved economic stability backed by continued support from the International Monetary Fund as the reason for the ratings revision. The move sent a positive signal to investors ahead of the weekend.

As of 11:24am, the KSE-100 Index was hovering around 139,159 points, still up by over 460 points. Intra-day movement showed a high of 139,417.24 and a low of 138,808.64, with total volume crossing 77 million shares. The market’s one-year return stood at 77.34 per cent, while the year-to-date gain reached 20.87 per cent.

Several stocks hit their upper circuits during early trade. Among the top advancers were CLCPS, CHBL, BNL, DIIL, and NICL — all gaining around 10 per cent. Meanwhile, major decliners included TCORPCPS, FCIBL, and ASIC, each falling by around 10 per cent or more.

Notable gainers from KSE-100 index included UPFL, which rose 6.47 per cent to Rs35,786, ATLH gaining 6.20 per cent to Rs1,167, and THALL up 2.88 per cent to Rs455. Others like ENGROH, MEBL, and NBP also posted modest gains.

A day earlier, the index had closed in the red, shedding 561.69 points or 0.40 per cent. It had moved within a wide range of over 1,200 points during the session, reflecting volatile sentiment before the ratings news came in.

With the market now finding some footing on improved investor sentiment, all eyes remain on how long the momentum will last amid ongoing economic reforms and policy developments.

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