PSX climbs to record high amid budget buzz

KARACHI: The Pakistan Stock Exchange (PSX) surged to new heights on Thursday, fuelled by optimism surrounding upcoming budget announcements, analysts said.

The benchmark KSE-100 Index witnessed a remarkable intraday rally, climbing as much as 1,453 points before closing with an impressive gain of 1,425 points at 119,961, marking a 1.20% increase and setting a new all-time high.

“The benchmark KSE-100 Index witnessed upward momentum during today’s trading session with the Index closing on an all time high as investors,” Pearl Securities stated.

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Optimism was fueled by the announcement that the SBP has received the second tranche worth USD 1.02 billion from the IMF.

Refinery stocks ended the day in the green amid sector-specific developments. The government is working to finalize a binding legal framework between OMCs and refineries, with key clauses like take-or-pay aimed at resolving ongoing disputes over product upliftment and HSD imports — a move expected to bring greater clarity and stability to the supply chain, Topline Securities Ltd stated.

The market continued to inch upward, steady buying interest reflected growing confidence ahead of key economic cues, Ismail Iqbal Securities stated. 

On the upside, heavyweights such as UBL, ENGRO, HUBC, EFERT, and MEBL led the charge, collectively contributing 656 points to the index.

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Market participation also picked up, with total traded volume reaching 695 million shares and a traded value of PKR 39.01 billion. PRL topped the volume chart with 50.8 million shares traded.