PSX extends rally, KSE-100 jumps over 2,900 points in intraday trade

KARACHI: Pakistan equities extended their rally on Thursday, with the benchmark index gaining more than 2,900 points during intraday trade, driven by broad-based buying across key sectors, dealers said.

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index was up around 1.8 per cent in early trade before extending gains, rising by 2,900-plus points to trade at 167,782 levels, market data showed.

The rally reflected continued bullish sentiment in the market, with investors active in banking, fertiliser and energy stocks, according to brokers.

The index had shown volatility in recent sessions but has largely maintained an upward trajectory in May, supported by improved macroeconomic indicators and easing inflation expectations.

In the currency market, the rupee also showed slight movement, with the US dollar trading at Rs278.55 in the interbank market after a marginal decline of one paisa.

Market participants said the gains in equities were driven by strong liquidity, positive corporate earnings expectations and renewed investor confidence in the macroeconomic outlook.

Analysts, however, cautioned that volatility could persist due to global commodity price fluctuations and external financing pressures, even as Pakistan continues to implement economic reforms under ongoing IMF-backed programmes.